Common use of Damage or Destruction Eminent Domain Clause in Contracts

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. Buyer is (a) (i) Acquiror shall be bound to purchase acquire 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 any 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 ten percent (“10%) of the Gross Consideration with respect to insured casualties and five percent (5%) of the Gross Consideration with respect to uninsured casualties ("Damage Threshold Amount”"), and any condemnation that does not materially and adversely affect the use and or value of the Property (“"Immaterial Condemnation”"). If Buyer Acquiror is so bound to purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, or if Acquiror elects not to terminate this Agreement pursuant to SECTION 8.1(B), then upon the Closing: (i) Closing in the event of damage covered by insurance or an Immaterial Condemnation occurring during the period prior to Closing DateContract Period, Buyer Acquiror shall receive a credit against the Purchase Price for such Property Gross Consideration in the amount (net of collection costs and costs of repair reasonably incurred by the Seller Meridian and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by the Seller Meridian 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 Meridian's insurance policy, and the Seller Meridian shall assign to Buyer Acquiror all rights to such net insurance proceeds or condemnation awards as shall not have been collected prior to the Closing; and (ii) in . 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 such damage shall be treated as an Adverse Matter pursuant to repair such damageSECTION 3.2.

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 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 $500,00010,000,000.00) 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 $500,000 1,000,000.00 (“"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 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 '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 up to exceed $500,000the Damage Threshold Amount) in the amount of the estimated cost to repair such damage.

Damage or Destruction Eminent Domain. Buyer is (a) (i) Acquiror shall be bound to purchase acquire 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 any 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 ten percent (“10%) of the Contribution Consideration with respect to insured casualties and five percent (5%) of the Contribution Consideration with respect to uninsured casualties ("Damage Threshold Amount”"), and any condemnation that does not materially and adversely affect the use and or value of the Property (“"Immaterial Condemnation”"). If Buyer Acquiror is so bound to 57 purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, or if Acquiror elects not to terminate this Agreement pursuant to SECTION 8.1(B), then upon the Closing: (i) Closing in the event of damage covered by insurance or an Immaterial Condemnation occurring during the period prior to Closing DateContract Period, Buyer Acquiror shall receive a credit against the Purchase Price for such Property Contribution Consideration in the amount (net of collection costs and costs of repair reasonably incurred by the Seller Contributor and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by the Seller Contributor 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 Contributor's insurance policy, and the Seller Contributor shall assign to Buyer Acquiror all rights to such net insurance proceeds or condemnation awards as shall not have been collected prior to the Closing; and (ii) in . 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 such damage shall be treated as an Adverse Matter pursuant to repair such damageSection 3.2.