Destruction and Condemnation. If any of the Banking Centers is damaged or destroyed or condemned between the date hereof and the Closing Date, unless Sellers have repaired or replaced the damage or destroyed property, Purchasers may elect, in their sole discretion, to either (i) not acquire the damaged Banking Center and the related assets and liabilities or, (ii) acquire the damaged Banking Center, in which event Sellers will deliver to Purchasers any insurance proceeds, condemnation proceeds, or other payment with respect to the Banking Centers.
Destruction and Condemnation. (a) If, prior to Closing, there shall occur any substantial damage or destruction to any or all of the Property not yet purchased by Buyer, by fire, earthquake, erosion, flooding or force of nature, then Seller shall immediately notify Buyer of such fact in writing. Buyer shall then have the option, in its sole discretion and judgment, either to terminate this Agreement or to complete the transaction described in this Agreement. Buyer shall give written notice of such election to Seller and to Escrow Agent on or before the date which is thirty (30) days after Buyer shall have received written notice of such damage or destruction from Seller, and if necessary, the respective closing date shall be extended to allow Buyer at least thirty (30) days within which to make said election. Upon any election by Xxxxx to terminate this Agreement pursuant hereto, Escrow Agent shall pay the Initial Deposit and/or the Additional Deposit to the party entitled to receipt under the terms of this Agreement, and neither party shall have any further rights, duties or obligations hereunder, except those that expressly survive termination. If Xxxxx fails to make any election within the time permitted, it will be deemed to have elected to proceed with this transaction.
Destruction and Condemnation. Section 9.01 Total or Partial Destruction 12 Section 9.02 Condemnation 14 Section 9.03 Sale Under Threat of Condemnation 14 ARTICLE X INDEMNITY AND WAIVER Section 10.01 Indemnity 14 Section 10.02 Waiver 15 ARTICLE XI DELAYS 15 ARTICLE XII ASSIGNMENT, SUBLEASE AND SUCCESSION Section 12.01 Consent Required 15 Section 12.02 General Conditions 16 Section 12.03 Succession 16 ARTICLE XIV HOLDING OVER 16
Destruction and Condemnation. If any Real Property is damaged or destroyed or condemned between the date hereof and the Closing Date, unless Seller has repaired or replaced the damage or destroyed property, Buyer may elect either not to acquire the Real Property and the related Transferred Assets or, at the discretion of Buyer, acquire the Real Property and require Seller to deliver to Buyer any insurance proceeds, condemnation proceeds or other payment with respect to the Real Property.
Destruction and Condemnation. Section VIII.1 DAMAGE OR DESTRUCTION BY FIRE OR OTHER CASUALTY.
Destruction and Condemnation. 11 Section 9.1 Total or Partial Destruction....................................11 Section 9.2 Condemnation....................................................12 Section 9.3 Sale Under Threat of Condemnation...............................12 ARTICLE 10.
Destruction and Condemnation. Section 7.01(b) is hereby revised as follows: The words "casualty loss" in the first line are hereby replaced with "Casualty Loss."
Destruction and Condemnation. (a) If any of the Banking Centers are damaged or destroyed or condemned between the date hereof and the Closing Date, Advantage shall make a good faith effort to correct any such damage to Peoples' reasonable satisfaction; provided, however, that Advantage shall not be obligated to make any payments of money (except payments of not more than $50,000 in the aggregate) to repair or replace the damage. If Advantage is unable or unwilling to cure any such damage to Peoples' reasonable satisfaction, Advantage may retain the damaged Transferred Asset and adjust the purchase price set forth in Section 2.2 accordingly, or, if the damage relates to Real Property and such Real Property can still be used, Advantage may lease such Real Property to Peoples pursuant to Paragraph 7.10(b) below.
Destruction and Condemnation. If between the date of this Agreement and the Closing Date, all or any part of the Property shall be destroyed or damaged by fire or any other casualty without fault of Purchaser or shall be condemned or threatened to be condemned by governmental or other lawful authority, Purchaser shall complete the purchase (in which event any insurance or condemnation proceeds up to the amount of the Purchase Price shall be payable to Purchaser and Purchaser shall receive a credit against the Purchase Price for the amount of any deductible) unless in Purchaser’s reasonable judgment the value (after taking into consideration any shortfall in the available insurance proceeds or condemnation award) of the Property is substantially reduced by such casualty or condemnation. In such latter event, Purchaser may give notice to Seller within fifteen (15) days of Purchaser’s notice of such casualty or condemnation of its desire to terminate this Agreement and all obligations of Purchaser and Seller hereunder, whereupon the Escrow Agent is hereby authorized, upon request of Purchaser, to return the Deposit and any and all interest accrued thereon to Purchaser and Purchaser shall deliver to Seller copies of all documents provided by Seller to Purchaser with respect to the Property and copies of the Purchase’s Reports (to the extent the same have not previously been delivered to Seller), and thereupon neither party shall have any further obligation hereunder, except as provided in Articles 4, 5, 12 and 15 hereof. If Purchaser completes the purchase, the insurance proceeds or condemnation proceeds due Purchaser shall be payable to Purchaser, or if such proceeds are not then available, Seller shall assign its claims therefor and all right, title and interest therein to Purchaser. Seller shall provide all relevant information reasonably requested by Purchaser to assist Purchaser in its choices described above. Notwithstanding anything to the contrary above, in the event the cost of repairing or restoring the Properly exceeds $500,000, if any access or parking shall be taken or if any Tenant shall have the right to terminate its Lease or reduce rent payable thereunder as a result of such destruction or condemnation, Seller shall also have the right to terminate this Agreement. In such event, Seller may give notice to Purchaser within fifteen (15) days after the date of notice of such casualty or condemnation of its termination of this Agreement and all obligations of Purchaser and Sell...
Destruction and Condemnation. Section 9.01
