Damage or Destruction Eminent Domain Sample Clauses
Damage or Destruction Eminent Domain. Buyer is bound to purchase the Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Property or condemnation of the Property by right of eminent domain, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than $500,000 (“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property (“Immaterial Condemnation”). If Buyer is so bound to purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing: (i) in the event of damage covered by insurance or an Immaterial Condemnation occurring during the period prior to Closing Date, Buyer shall receive a credit against the Purchase Price for such Property in the amount (net of collection costs and costs of repair reasonably incurred by the Seller and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by the Seller as a result of any such damage, destruction or condemnation, plus (in the case of damage) the amount of the deductible portion of the Seller’s insurance policy, and the Seller shall assign to Buyer all rights to such net insurance proceeds or condemnation awards as shall not have been collected prior to the Closing; and (ii) in the event of damage not covered by insurance, Buyer shall receive a credit (not to exceed $500,000) in the amount of the estimated cost to repair such damage.
Damage or Destruction Eminent Domain. (a) If the Premises should be damaged by fire, explosion or any other casualty or occurrence, Landlord may elect either to repair or rebuild the Premises or the Building or terminate this Lease upon giving notice of such election in writing to Tenant within ninety (90) days after the happening of the event causing the damage. If the casualty, repairing or rebuilding shall render the Premises untenantable, in whole or in part, a proportionate abatement of the Base Rent payable by Tenant shall be allowed from the date when the damage occurred until the date Landlord completes the repairs or rebuilding or, if Landlord elects to terminate this Lease, until the date this Lease terminates; said proportion to be computed on the basis of the relation which the gross square foot area of the space rendered untenantable bears to the gross leasable area of the Premises.
(b) If the Premises or any part thereof or the Building or any part of thereof, shall be taken or condemned, either permanently or temporarily, for any public or quasi-public use or purpose by any competent authority in appropriation proceedings, or by any right of eminent domain, or by agreement in lieu thereof, then the entire compensation award therefor, both leasehold and reversion, shall belong to Landlord without any deduction for any present or future estate of Tenant and Tenant hereby assigns to Landlord all its right, title and interest to any such award. Notwithstanding the foregoing, Tenant shall have the right to claim and recover directly from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant in Tenant's own right on account of any and all damage to Tenant's business by reason of any condemnation and for or on account of any cost or loss to which Tenant may be put in removing Tenant's merchandise, furniture, fixtures, leasehold improvements and equipment, provided any such award does not directly or indirectly reduce Landlord's award.
(c) If for any reason the whole of the premises which is not the subject of the lease is closed or unavailable to public use for a period of ninety (90) consecutive days, Landlord shall be in breach of this Agreement and shall have thirty additional days in which to cure said breach or, upon sixty (60) days’ notice from Tenant, all obligations of Tenant under this Lease shall cease and Tenant may withdraw from the site.
(d) Notwithstanding the provisions of Paragraph 13 hereof, in the even...
Damage or Destruction Eminent Domain. Buyer shall be bound to purchase the Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Property or condemnation of the Property by right of eminent domain, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than $200,000 (“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property or permit the Tenant to terminate the Lease or reduce the rent payable thereunder (“Immaterial Condemnation”), in Buyer’s reasonable discretion. If Buyer is so bound to purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing: (i) in the event of damage covered by insurance or an Immaterial Condemnation occurring during the period prior to Closing Date, Buyer shall pay the full Purchase Price for such Property (less the amount of the deductible portion of the Seller’s insurance policy), and the Seller shall assign to Buyer all rights to such net insurance proceeds or condemnation awards; and (ii) in the event of damage not covered by insurance, Buyer shall receive a credit (not to exceed $200,000) in the amount of the estimated cost to repair such damage.
Damage or Destruction Eminent Domain. Buyer is bound to purchase the Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Property or condemnation of the Property by right of eminent domain, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than $1,000,000 (“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property (“Immaterial Condemnation”). If Buyer is so bound to purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing, Buyer shall receive a credit against the Purchase Price for such Property in the amount (net of collection costs and costs of repair reasonably incurred by the Seller and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by the Seller as a result of any such damage, destruction or condemnation, plus (in the case of damage) the amount of the deductible portion of the Seller’s insurance policy, and the Seller shall assign to Buyer all rights to such net insurance proceeds or condemnation awards as shall not have been collected prior to the Closing.
Damage or Destruction Eminent Domain. A fire or other casualty or a taking affecting the Ancillary Sites or the Equipment shall not affect the obligations of Tenant under this Lease, and the Lease shall remain in full force and effect, without any abatement of any amounts payable to Landlord hereunder, except that the license fee provided for in Paragraph 55.q. below, if applicable, shall be fully abated during any period that the Generator Site is not available for use by Tenant due to casualty or condemnation. Landlord shall be entitled to all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any taking of the Ancillary Sites, and Tenant shall have no claim against Landlord or any governmental authority for the value of any unexpired term of its rights under this Paragraph 55.
Damage or Destruction Eminent Domain. A fire or other casualty or a taking affecting the Ancillary Sites or the Equipment shall not affect the obligations of Tenant under the Lease, and the Lease shall remain in full force and effect, without any abatement of any amounts payable to Landlord hereunder; provided, however, that the foregoing shall not supersede the provisions of Section 16 or 17 of the Lease which are applicable where the fire or other casualty, or the taking, effects other portions of the Premises or the Building. Landlord shall be entitled to all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any taking of the Ancillary Sites, and Tenant shall have no claim against Landlord or any governmental authority for the value of any unexpired term of its rights under this Paragraph 10; provided, however, that the foregoing shall not prohibit Tenant from prosecuting a separate claim against the taking authority for an amount separately designated for the Equipment, so long as any award to Tenant will not reduce the award to Landlord.
Damage or Destruction Eminent Domain. A fire or other casualty or a taking affecting the Cooling Tower Ancillary Sites or the Cooling Tower Equipment shall not affect the obligations of Tenant under this Lease, and the Lease shall remain in full force and effect, without any abatement of any amounts payable to Landlord hereunder. Landlord shall be entitled to all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any taking of the Cooling Tower Ancillary Sites, and Tenant shall have no claim against Landlord or any governmental authority for the value of any unexpired term of its rights under this Paragraph 17.i.(b).
Damage or Destruction Eminent Domain. Purchaser shall be bound to purchase the Properties as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Properties or condemnation of the Properties by right of eminent domain (other than a Total Condemnation as provided in Section 9.7 below). Notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing: (i) in the event of damage covered by insurance during the period prior to Closing Date, Purchaser shall receive a credit against the Fixed Purchase Price for such Properties in the amount (net of collection costs and costs of repair reasonably incurred by Sellers and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by Sellers as a result of any such damage, destruction or condemnation, plus (in the case of damage) the amount of the deductible portion of Sellers’ insurance policy, but not more than the Fixed Purchase Price, and Sellers shall assign to Purchaser all rights to such net insurance proceeds or condemnation awards as aforesaid as shall not have been collected prior to the Closing; and (ii) in the event of damage not covered by insurance, Purchaser shall receive a credit in the amount of the estimated cost to repair such damage.
Damage or Destruction Eminent Domain. If, prior to the Closing, all or a part of the Property is damaged or destroyed, or taken or appropriated by any public or quasi-public authority under the power of eminent domain or such an eminent domain action is threatened pursuant to a resolution of intention to condemn filed by any public entity, Purchaser may either
Damage or Destruction Eminent Domain. In the event the Leased Premises is partly or completely damaged, or is, in whole or in part taken or condemned from public use, then the provisions of the underlying Lease shall apply to this Sublease. Sublessee acknowledges that it shall be subject to any rights of termination of Owner as provided in said underlying Lease, and that the termination of the underlying Lease shall immediately act to terminate this sublease.