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 $10,000,000.00 (“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 the 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 $10,000,000.00) in the amount of the estimated cost to repair such damage.
Damage or Destruction Eminent Domain. If prior to the Closing Date any of the Property is damaged or destroyed or if condemnation proceedings are commenced against any of the Property by any entity other than the County, then the rights and obligations of County and Landlord hereunder shall be as follows:
(a) If such damage or destruction is fully covered by Landlord’s insurance, and the insurer agrees to timely pay for the entire cost of such repair, and such damage or destruction would cost less than Fifty Thousand Dollars ($50,000.00) to repair or restore (the “Threshold Damage Amount”), then County shall proceed with the purchase. In such case Landlord shall assign to County at the Closing all of Landlord’s right, title and interest in and to all proceeds of insurance on account of such damage or destruction pursuant to an instrument satisfactory to County.
(b) If such damage or destruction is not fully covered by Landlord’s insurance and would cost less than the Threshold Damage Amount to repair or restore, then County shall proceed with the purchase and shall receive a credit against the Purchase Price at the Closing in an amount reasonably determined by Landlord and County (after consultation with unaffiliated experts) to be the cost of repairing such damage or destruction.
(c) If condemnation proceedings are commenced against any of the Property by any entity other than the County, then County shall have the right, at its election, either to rescind its exercise of the Purchase Option in its entirety, or only as to that portion of the Property subject to condemnation proceedings (in which case there shall be an equitable adjustment to the Purchase Price), or to purchase the Property (or the portion not affected by condemnation, as the case may be). County shall have thirty (30) days after an event described in this subsection has occurred to make such election by delivery to Landlord of an election notice. County’s failure to deliver such notice within such thirty (30) day period shall be deemed County’s election to rescind its exercise of the Purchase Option in its entirety. If the exercise of the Purchase Option is rescinded in its entirety or in part pursuant to this subsection, then County and Landlord shall each be released from all obligations under this Section pertaining to that portion of the Property affected by such rescission.
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. (a) In the event that any portion of the Property is damaged or destroyed, and such damage or destruction would otherwise result in an abatement of all or a portion of the Base Rental Payments as provided in Section 3.06 hereof, the City shall either (i) apply sufficient funds from legally available funds to the repair or replacement of such portion of the Property to the condition that existed prior to such damage or destruction, or (ii) apply sufficient funds from legally available funds to the prepayment of Base Rental Payments pursuant to Section 9.01 hereof, which prepayment shall be effected in a manner that results in the maximum amount of Base Rental Payments becoming due under this Sublease Agreement in the then current Rental Period or any subsequent Rental Period, being no greater than the annual fair rental value of the Property after such damage or destruction, and after any repairs or replacements made as a result of such damage or destruction. The City shall give the Corporation written notice of any such damage or destruction as soon as reasonably practicable after the occurrence thereof and shall give the Corporation written notice of its election to proceed under either clause (i) or clause (ii) of the proceeding sentence no later than 60 days after the date of such damage or destruction. If the City elects to proceed under said clause (i), the City shall promptly and diligently repair or replace the affected portion of the Property.
(b) If a portion of the Property shall be taken permanently under the power of eminent domain or sold to a government threatening to exercise the power of eminent domain, then this Sublease Agreement shall continue in full force and effect as to such remainder, and the parties waive the benefits of any law to the contrary, and there shall be a partial abatement of Rental Payments if and to the extent provided in Section 3.06
Damage or Destruction Eminent Domain. Buyer may terminate this Agreement by giving written notice to Seller at any time prior to the Closing (i) in the event Seller has breached a material representation, warranty, covenant or agreement contained in this Agreement in any respect, the Buyer has notified Seller of the breach, and the breach has continued without cure for a period of 10 days after the notice of breach or (ii) if the Closing shall not have occurred on or before July 29, 2005, by reason of the failure of any condition precedent under Section 11 –
Damage or Destruction Eminent Domain. If any casualty occurs, or if a taking occurs, immediately notify Owner and pay or cause to be paid the insurance proceeds or condemnation award, as the case may be, to Owner alone, to be applied in Owner's discretion, and in such order as Owner may determine, (a) to the reasonable costs of collection of such amounts, (b) to repayment to Owner of the outstanding amount of any loans received by Developer under Paragraph 6.8 of this Agreement, or (c) in accordance with this Agreement, as if payments from such proceeds or awards were Construction Advances hereunder, to the restoration, replacement and rebuilding of the Facility.
(a) If the Property or the Facility or any part thereof shall be damaged by fire or other hazards against which insurance is held, if and when Owner releases each portion of the insurance proceeds for the repair and restoration of the Facility, Developer shall proceed with the
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 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. 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 License Areas or the Equipment shall not affect the obligations of Tenant under this Lease, and this 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 License Areas, and Tenant shall have no claim against Landlord or any governmental authority for the value of any unexpired term of its rights under this Article 21; 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.
