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. (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.
(b) If, prior to Closing, there shall occur any condemnation of all or any portion of the subject property, Seller shall give prompt written notice thereof to Buyer, and Buyer shall have the option, in its sole judgment and discretion, either to terminate this Agreement or to complete this transaction as provided for 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 from Seller of such condemnation and if necessary, the Closing Date shall be extended to allow Buyer at least thirty (30) days within which to make such election. If Buyer elects 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 or obligations hereunder, except those that expressly survive termination. If Xxxxx fails to make any election within the time permitted therefor, it shall be deemed to have elected to proceed with this transaction.
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. If the Bank Branch 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, Purchaser may elect, in its 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 Purchaser any insurance proceeds, condemnation proceeds, or other payment with respect to the Bank Branch.
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. DAMAGE OR DESTRUCTION BY FIRE OR OTHER CASUALTY.
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. Section 9.01
Destruction and Condemnation. 6.01 If the premises or the building in which the premises are located shall be destroyed by fire or other causes, or be so damaged thereby that the premises are untenantable and cannot be rendered tenantable within ninety (90) days from the date of such destruction or damage, the Lease may be terminated by LANDLORD by written notice. In case the damage or destruction is not such as to allow a termination of the Lease as above provided, then a proportionate reduction shall be made in the rent corresponding to the time during which TENANT shall be deprived of possession.
6.02 If the whole or any part of the premises shall be taken or condemned by any competent authority under power of eminent domain, then at LANDLORD'S option to be exercised by written notice such taking, and without an apportionment of the award. TENANT hereby assigns to LANDLORD all rights and claims to the award for the property and building. TENANT may pursue Any and all rights against such competent authority for any damages caused to its business interest. Nothing in this paragraph shall allow TENANT to interfere with LANDLORDS right to effect a settlement of its
Destruction and Condemnation. In case of any damage to or loss ---------------------------- or destruction of the Collateral or any part thereof (each, a "Destruction"), ----------- Borrower shall promptly send to Lender a notice setting forth the nature and extent of such Destruction. The proceeds of any insurance payable in respect of such Destruction are hereby assigned and shall be paid to Lender. All such proceeds, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Destruction ("Net --- Proceeds"), shall be applied by Lender, in its sole discretion, to the payment -------- of Borrower's Liabilities in accordance with the provisions of this subsection 6.10. In the --------------- event of any taking of the Real Property or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of Borrower's Real Property or any part thereof, by any Governmental Authority, civil or military (each, a "Taking"), Borrower shall immediately notify Lender ------ upon receiving notice of such Taking or commencement of proceedings therefor. All proceeds and any award or payment in respect of any Taking are hereby assigned and shall be paid to Lender and Borrower shall take all steps necessary to notify the condemning authority of such assignment. Such award or payment, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Taking ("Net Award"), --------- shall be applied by Lender, in its sole discretion, to the payment of Borrower's Liabilities.
