DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 52 contracts
Samples: Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership), Purchase Agreement (Aei Real Estate Fund 85-a LTD Partnership), Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.0020,000, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a 17a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.0020,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 19 contracts
Samples: Purchase Agreement (Aei Real Estate Fund 85-B LTD Partnership), Purchase Agreement (Aei Real Estate Fund Xvi LTD Partnership), Purchase Agreement (Aei Real Estate Fund Xvii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be is destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 18 contracts
Samples: Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership), Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership), Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 16 contracts
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership), Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 13 contracts
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund 85-a LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 10 contracts
Samples: Purchase Agreement (Aei Real Estate Fund Xvii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xvii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 6 contracts
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 5 contracts
Samples: Purchase Agreement (Aei Income & Growth Fund Xxi LTD Partnership), Purchase Agreement (Aei Income & Growth Fund Xxi LTD Partnership), Purchase Agreement (Aei Income & Growth Fund Xxi LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period Period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 4 contracts
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership), Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership), Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 4 contracts
Samples: Purchase Agreement (Aei Real Estate Fund 85-a LTD Partnership), Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership), Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph Section 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 4 contracts
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xv LTD Partnership), Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, 10,000 this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage, and the First Payment shall be returned to Buyer. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-ten day period provided for above in this Subparagraph 16a 17a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder hereunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Propertyproceeds.
Appears in 3 contracts
Samples: Purchase Agreement Mason, Ohio (Aei Real Estate Fund Xvii Limited Partnership), Purchase Agreement Mason, Ohio (Aei Real Estate Fund Xvi LTD Partnership), Purchase Agreement Fairfield, Ohio (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Entire Property or any part thereof should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Entire Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 2 contracts
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a 17a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 2 contracts
Samples: Purchase Agreement (Aei Real Estate Fund 85-B LTD Partnership), Purchase Agreement (Aei Real Estate Fund Xvi LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 2 contracts
Samples: Purchase Agreement (Aei Real Estate Fund Xvii Limited Partnership), Purchase Agreement (Aei Real Estate Fund 85-a LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingClosing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 7 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 2 contracts
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership), Purchase Agreement (Aei Real Estate Fund Xv LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to the rights of any Tenant of the Entire PropertyLessee under the Lease. If prior to closing, the cost of repair Property, or any part thereof, is less than $10,000.00taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant the Lessee under the Lease. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money shall be xxxxxxed to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 2 contracts
Samples: Purchase Agreement (Aei Income & Growth Fund 25 LLC), Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. Seller acknowledges that, as of the Closing Date, Buyer shall be leasing the Property to Tia's Florida, LLC (athe "Lessee"), pursuant to the terms of a certain Net Lease Agreement being entered into between Buyer (or an affiliate thereof) and Lessee (the "Lease"). If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to Agreement, which destruction or damage delays commencement of the extent that Lease beyond the cost Closing Date or delays payment of repair exceeds $10,000.00rent by Lessee under the Lease or renders the Lease invalid (unless any such delay or invalidation of the Lease is waived in writing by Lessee), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Lessee. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain, which taking delays commencement of the Entire PropertyLease beyond the Closing Date or delays payment of rent by the Lessee under the Lease or renders the Lease invalid (unless any such delay or invalidation of the Lease is waived in writing by Lessee), this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money sxxxx xx returned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof. In the event of termination as described above, neither party shall have any Tenant of further duties or obligations to the Entire Propertyother hereunder.
Appears in 2 contracts
Samples: Purchase Agreement (Aei Income & Growth Fund 24 LLC), Purchase Agreement (Aei Income & Growth Fund 25 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.0020,000, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.0020,000.00, Buyer shall be obligated to otherwise perform hereinunder hereunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xvii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of the occurrence of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a 17a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Seller shall credit Buyer for the cost of the repairs. Buyer shall then be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Propertyhereunder.
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to the rights of any Tenant of the Entire PropertyLessee under the Lease. If prior to closing, the cost of repair Property, or any part thereof, is less than $10,000.00taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant the Lessee under the Lease. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money shall bx xxxxxned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xvii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. Buyer Initial /s/ AK Jr. Purchse Agreement for Taco Cabana, San Antonio, TX In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a 16A for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Seller shall credit Buyer for the cost of the repairs. Buyer shall then be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Propertyhereunder.
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest Buyer Inital: /s/ LZW /s/ MJW Purchase Agreement for Champps Americana Restaurant, Schaumburg, IL in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund Xxi LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has Buyer Initial: /s/ MEB Purchase Agreement for Arby's/Mrs. Winners - Smyrna, Ga expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to (which damage exceeds 10% of the extent that Purchase Price of the cost Property or abates payment of repair exceeds $10,000.00rent by Tenant or renders the Lease invalid), this Agreement shall become null and voidterminate, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any the Tenant of pursuant to the Entire PropertyLease. If prior to Closing, the cost Property, or any part thereof, is taken by eminent domain (which taking delays payment of repair is less than $10,000.00rent by the Tenant or renders the Lease invalid) this Agreement shall terminate, at Buyer's option, by written notice to Seller and the Closing Agent, to be given within three (3) business days after Buyer receives written notice of such eminent domain. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any the Tenant pursuant to the Lease. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money shall xx xxturned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. Buyer Initial: /s/ IDH /s/ ICH Purchase Agreement for Taco Cabana - San Antonio, TX In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice Buyer Initial: /s/ HM /s/ WEM Purchase Ageement for Tractor Supply - Bristol, VA to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. Buyer Initial: /s/ DR /s/ NR Purchase Agreement for Champps Americana Restaurant, Schaumburg, IL.
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. Buyer Initieal: /s/ A. D Purchase Agreement for Taco Cabana - San Antonio, TX In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Parcel or Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall pay the deductible, if any, to Buyer, and assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Parcel or Property, subject to rights of the Tenant. If prior to the Closing Date, the Parcel or Property, or any Tenant part thereof, is taken by eminent domain, which taking delays commencement of the Entire PropertyLease or delays payment of rent by the Tenant or renders the Lease invalid, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Parcel or Property. In the event that this Agreement is terminated by Buyer as provided above, subject any funds disbursed hereunder shall be returned to rights Buyer immediately after execution by Buyer of any Tenant of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to (which damage exceeds 10% of the extent that Purchase Price of the cost Property or abates payment of repair exceeds $10,000.00rent by Tenant or renders the Lease invalid), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Section 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Section 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Tenant. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain (which taking delays commencement of the Entire PropertyLease or delays payment of rent by the Tenant or renders the Lease invalid) this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant the Tenant. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money shall be rxxxxxxx to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Assignment of Purchase Agreement (AEI Income & Growth Fund 27 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Seller shall credit Buyer for the cost of the repairs. Buyer shall then be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Propertyhereinunder.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, any one of the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and voidvoid at BuyerOs option, at Buyer's option exercised, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, satisfied or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in in, or abatement of of, the purchase price, respective Purchase Price and Seller shall assign to Buyer the all of Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire PropertyLessee. If prior to closing the cost of repair Property, or any part thereof, is less than $10,000.00taken by eminent domain, this Agreement shall become null and void at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all Seller's right, title and interest in and to all insurance proceeds any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Propertyrata, subject to rights of any Tenant the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Xxxxxxx Money shall be immediately returned to Buyer after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to Buyer Initial: /s/MB Purcase Agreement for Arby's/Mrs. Winners - Smyrna, GA events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-pro- rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingclosing and after the date of this Agreement, the Property Property, or any part thereof be of the Property, is destroyed or further damaged by fire, the flood, wind, or other elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that and the cost of repair of such destruction or damage exceeds $10,000.00, this Agreement shall become null and voidshall, at Buyer's option exercised, if at all, exercised by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage, become null and void. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 Section 8 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a Subsection 16(a) for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all that portion of the insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the Property, to the extent that the same are is payable with respect to damage to the Property, Buyer Initial: /s/NB Buyer Initial: /s/SB Purchase Agreement for KinderCare Learning Center in Tinley Park, IL Xxxxxxxxx Family Trust c 2005 AEI Fund Management, Inc. and subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund 24 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to (which damage exceeds 10% of the extent that Purchase Price of the cost Property or delays commencement of repair exceeds $10,000.00the Lease or abates payment of rent by the Lessee or renders the Lease invalid), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Lessee. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain, (which taking delays commencement of the Entire PropertyLease or delays payment of rent by the Lessee or renders the Lease invalid) this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, 's subject to rights right so the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Xxxxxxx Money and interest shall be returned to Buyer immediately after execution by Buyer of any Tenant of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund 25 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. Seller acknowledges that, as of the Closing Date, Buyer shall be leasing the Property to Tia's Maryland, LLC (athe "Lessee"), pursuant to the terms of a certain Net Lease Agreement being entered into between Buyer (or an affiliate thereof) and Lessee (the "Lease"). If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to Agreement, which destruction or damage delays commencement of the extent that Lease beyond the cost Closing Date or delays payment of repair exceeds $10,000.00rent by Lessee under the Lease or renders the Lease invalid (unless any such delay or invalidation of the Lease is waived in writing by Lessee), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Lessee. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain, which taking delays commencement of the Entire PropertyLease beyond the Closing Date or delays payment of rent by the Lessee under the Lease or renders the Lease invalid (unless any such delay or invalidation of the Lease is waived in writing by Lessee), this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money sxxxx xx returned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof. In the event of termination as described above, neither party shall have any Tenant of further duties or obligations to the Entire Propertyother hereunder.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund 24 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Buyer Initial: /s/ CMW /s/ JKW Purchase Agreement for Champps Americian Restaurant, Schaumburg, IL Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund Xxi LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.0010,000.00 or the Tenant has the right to terminate the Lease, this Agreement shall become null and void, at Buyer's ’s option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 5 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's ’s right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be credited against the Purchase Price the amount of Seller’s insurance deductible, and all proceeds of insurance payable to Seller by reason of such damage shall be assigned to Buyer through the Escrow at the Closing. If the cost of repair is less than $10,000.00 and Tenant has no right to terminate the Lease, Seller shall credit Buyer for the cost of the repairs. Buyer shall then be obligated to otherwise perform hereunder. If, prior to the Closing Date, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void at Buyer’s option. If Buyer elects to proceed to consummate the purchase despite said taking, there shall be no reduction in in, or abatement of of, the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's ’s right, title, and interest in and to all insurance proceeds (any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If In the cost of repair event that this Agreement is less than $10,000.00terminated by Buyer pursuant to this Agreement, Buyer the Xxxxxxx Money shall be obligated immediately returned to otherwise perform hereinunder with no adjustment Buyer after execution by Buyer of such documents reasonably requested by Seller to evidence the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. Buyer Initial: /s/ ADM /s/ LBM Purchase Agreement for Tractor Supply - Bristol, VA If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to (which damage exceeds 10% of the extent that Purchase Price of the cost Property or abates payment of repair exceeds $10,000.00rent by the Lessee or renders the Lease invalid), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire PropertyLessee. If prior to closing, the cost Property, or any part thereof, is taken by eminent domain, (which taking delays payment of repair is less than $10,000.00rent by the Lessee or renders the Lease invalid) this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all of the Seller's right, title and interest in and to all insurance proceeds any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, 's subject to rights of any Tenant the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money and inxxxxxx shall be returned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund 23 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's ’s option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 5 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's ’s right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's ’s right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Seller shall credit Buyer for the cost of the repairs. Buyer shall then be obligated to otherwise perform hereinunder with hereunder. If, prior to the Closing Date, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void at Buyer’s option. If Buyer elects to proceed to consummate the purchase despite said taking, there shall be no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, and Seller shall assign to Buyer the Seller's ’s right, title title, and interest in and to all insurance proceeds any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer pursuant to this Agreement, the Xxxxxxx Money shall be immediately returned to Buyer after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Aei Income & Growth Fund 24 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, 10,000 this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Propertyproceeds, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer all the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding, subject to rights of any Tenant of the Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Deposit shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xv LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire PropertyLessee. If prior to closing, the cost of repair Property, or any part thereof, is less than $10,000.00taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant of the Entire PropertyLessee.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund 24 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property or any part thereof should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and void, void at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, satisfied or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired expired, or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in in, or abatement of of, the purchase price, respective Purchase Price and Seller shall assign to Buyer the Seller's all of SellerOs right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Lessee. If, prior to closing, the Property or any Tenant of the Entire Propertypart thereof is taken by eminent domain, this Agreement shall become null and void at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all Seller's right, title and interest in and to all insurance proceeds any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Propertyrata, subject to rights of any Tenant the Lessee. In the event this Agreement is terminated by Buyer as provided herein, the Earnest Money shall be immediately returned to Buyer after execution by Buyer of such dxxxxxxxs reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior Seller agrees to closing, give Buyer prompt notice of any damage or destruction of the Property or any portion thereof prior to Closing. In the event that prior to Closing any part thereof be of the Property is destroyed or further damaged by fire, the elements, or any other cause, due to events occurring subsequent to the date of this Agreement to Agreement, Buyer shall have the extent that the cost of repair exceeds $10,000.00right, this Agreement shall become null and void, at Buyer's option exercised, if at all, exercisable by giving written notice to Seller within ten (10) business days after Buyer has received receiving written notice from Seller of said destruction such damage, to either: (a) terminate this Agreement, in which event the Exxxxxx Money shall be returned to Buyer; or damage. Seller(b) accept the Property in its then condition and to proceed with the Closing; provided, however, shall have that in the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If event that Buyer elects to proceed under clause (b), then Seller shall credit and/or assign to Buyer at Closing the insurance proceeds for such damage, and to consummate Buyer shall receive a credit at Closing for any deductible amount under Seller’s casualty insurance (but not more than the purchase despite said damage or destruction, there shall be no reduction in or abatement amount of the purchase pricedamage), and Seller shall not do, cause or permit any compromise, settlement or adjustment of any claims to such proceeds without Buyer’s prior written consent or Seller shall assign to Buyer the Seller's ’s right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) proceeds, including payment of applicable deductibles, resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire PropertyTenant. If the cost of repair is less than $10,000.00Buyer does not deliver notice to Seller within such 10-business day period, Buyer shall be obligated deemed to otherwise perform hereinunder with no adjustment have terminated this Agreement (in which event the Exxxxxx Money shall be immediately returned to Buyer). Seller agrees to give Buyer prompt notice of any taking, condemnation or eminent domain proceeding of any of the Property. In the event that prior to the Purchase PriceClosing, reduction all or abatementany portion of the Property is subject to a taking or a condemnation by a public authority or other entity with the power of condemnation, Buyer shall have the right, exercisable by giving notice to Seller within ten (10) business days after receiving written notice of such taking or condemnation, to either: (a) terminate this Agreement upon written notice, in which event the Exxxxxx Money shall be returned to Buyer; or (b) accept the Property in its then condition and to proceed with the Closing; provided, however, that in the event that Buyer elects to proceed under clause (b), then Seller shall make the net proceeds of any condemnation award related to such taking available to Buyer to repair and restore the Property to its condition immediately prior to such taking, and Seller shall not do, cause or permit any compromise, settlement or adjustment of any claims to such award without Buyer’s prior written consent or Seller shall assign to Buyer all Seller's ’s right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant the Tenant. The provisions of this Section 16 shall survive Closing and the Entire Propertytransfer of title.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, 10,000 this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage, and the First Payment shall be returned to Buyer. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-ten day period provided for above in this Subparagraph 16a 16 (a) for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder hereunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Propertyproceeds.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all Buyer Initial: /s/ ADM /s/ LBM Purchase Agreement for Taco Cabana - San Antonio, Tx insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. Buyer Initial: /s/ Vh /s/ MCC Purchase Agreement for Champps-Columbus, OH (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to (which damage exceeds 10% of the extent that Purchase Price of the cost Property or abates payment of repair exceeds $10,000.00rent by Tenant or renders the Lease invalid), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Section 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Section 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Tenant. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain (which taking delays commencement of the Entire PropertyLease or delays payment of rent by the Tenant or renders the Lease invalid) this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant the Tenant. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money shall be retuxxxx xo Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement (AEI Income & Growth Fund 27 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, 10,000 this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage, and the First Payment and Second Payment shall be returned to Buyer. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-ten day period provided for above in this Subparagraph 16a 17a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall pay the deductible and deliver any proceeds actually received by Seller (up to the amount of the Purchase Price, with any excess proceeds, if any, belonging to Seller) and assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder hereunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall pay the deductible and deliver any proceeds actually received by Seller (up to the amount of the Purchase Price, with excess proceeds, if any, remaining the sole property of Seller) and assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Propertyproceeds.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xvi LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage, and Seller shall pay the First Payment to Buyer. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant Lessee of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant Lessee of the Entire Property.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Buyer Initial: M Purchase Agreement for Applebee's, Crestview Hills, KY Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 7 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a 17A for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund 86-a LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. Buyer Initial: /s/ JJZ Purchase Agreement for Arby's/Mrs. Winners - Smyrna, GA If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to (which damage exceeds 10% of the extent that Purchase Price of the cost Property or abates payment of repair exceeds $10,000.00rent by Tenant or renders the Lease invalid), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Section 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Section 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Tenant. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain (which taking delays commencement of the Entire PropertyLease or delays payment of rent by the Tenant or renders the Lease invalid) this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant the Tenant. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money shall xx xxturned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement (AEI Income & Growth Fund 26 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Lessee. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain, which taking delays commencement of the Entire PropertyLease or delays payment of rent by the Lessee or renders the Lease invalid this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of any Tenant the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Xxxxxxx Money shall be returned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. Buyer Initial: /s/ CWD Purchase Agreement for Taco Cabana - San Antonio, TX If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Buyer Initial: /s/ JS Purchase Agreement for Tractor Supply - Bristol, VA Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any tenfive-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase PriceBuyer Initial: /s/ WHB /s/ TEB Purchase Agreement for Applebee's - Temple Terrace, reduction FL Xxxxx, xxxxxxxon or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. (b) If, prior to closing, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any aMarshall made, or to be made, in the condemnation proceeding pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall be immediately returned to Buyer (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof).
Appears in 1 contract
Samples: Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to (which damage exceeds 10% of the extent that Purchase Price of the cost Property or abates payment of repair exceeds $10,000.00rent by Tenant or renders the Lease invalid), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Section 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Section 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Tenant. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain (which taking delays commencement of the Entire PropertyLease or delays payment of rent by the Tenant or renders the Lease invalid) this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of the Tenant. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money shall be retxxxxx xn full to Buyer as Buyer's sole remedy and neither party shall have any Tenant further duties or obligations to the other hereunder (except for those which expressly survive the termination of the Entire Propertythis Agreement).
Appears in 1 contract
Samples: Assignment of Purchase Agreement (AEI Income & Growth Fund 27 LLC)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) If, prior to closingthe Closing Date, any one of the Property Properties, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00Agreement, this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 Article 8 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a Article 8 hereof for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's BuyerOs right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricerespective Purchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Lessee. If prior to closing, any Tenant one of the Entire PropertyProperties, or any part thereof, is taken by eminent domain, this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding pro- rata, subject to rights of any Tenant the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Xxxxxxx Money shall be returned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the Entire Propertytermination hereof.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. (a) A). If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. If the cost of repair is less than $10,000.00, Buyer shall be obligated to otherwise perform hereinunder with no adjustment to the Purchase Price, reduction or abatement, and Seller shall assign Seller's right, title and interest in and to all insurance proceeds pro-rata in relation to the Entire Property, subject to rights of any Tenant of the Entire Property.
Appears in 1 contract
Samples: Purchase Agreement (Aei Real Estate Fund 85-B LTD Partnership)
DAMAGES, DESTRUCTION AND EMINENT DOMAIN. Seller acknowledges that, as of the Closing Date, Buyer shall be leasing the Property to Tia's Texas-Alamo, LLC (athe "Lessee"), pursuant to the terms of a certain Net Lease Agreement being entered into between Buyer (or an affiliate thereof) and Lessee (the "Lease"). If, prior to closingthe Closing Date, the Property Property, or any part thereof thereof, should be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to Agreement, which destruction or damage delays commencement of the extent that Lease beyond the cost Closing Date or delays payment of repair exceeds $10,000.00rent by Lessee under the Lease or renders the Lease invalid (unless any such delay or invalidation of the Lease is waived in writing by Lessee), this Agreement shall become null and void, at Buyer's option exercisedoption, if at all, exercised by written notice to Seller within ten (10) business days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (ia) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (iib) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase pricePurchase Price, and Seller shall assign to Buyer the Seller's right, title, title and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from form said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of the Lessee. If prior to closing, the Property, or any Tenant part thereof, is taken by eminent domain, which taking delays commencement of the Entire PropertyLease beyond the Closing Date or delays payment of rent by the Lessee under the Lease or renders the Lease invalid (unless any such delay or invalidation of the Lease is waived in writing by Lessee), this Agreement shall become null and void, at Buyer's option. If Buyer elects to proceed and to consummate the cost of repair is less than $10,000.00purchase despite said taking, Buyer there shall be obligated to otherwise perform hereinunder with no adjustment to reduction in, or abatement of, the Purchase Price, reduction or abatement, Price and Seller shall assign to Buyer all the Seller's right, title and interest in and to all insurance proceeds pro-rata any award made, or to be made, in relation to the Entire Propertycondemnation proceeding, subject to the rights of the Lessee. In the event that this Agreement is terminated by Buyer as provided above, the Earnest Money sxxxx xx returned to Buyer immediately after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof. In the event of termination as described above, neither party shall have any Tenant of further duties or obligations to the Entire Propertyother hereunder.
Appears in 1 contract
Samples: Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership)