Destruction, Damage or Condemnation Sample Clauses

Destruction, Damage or Condemnation. 8.01. The provisions of Section 5-1311 of the General Obligations Law shall apply to the sale and purchase provided for in this contract.

Destruction, Damage or Condemnation. Prior to the Closing Date, risk of loss with regard to the Realty and the construction, ownership, operation, management or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or a part of the Realty is subjected to a bona fide threat of condemnation by a body having the power of eminent domain, or included in whole or in part in a governmental plan or proposal which may result in the taking of all or a part of the Realty, or is taken by eminent domain or condemnation (or a sale in lieu thereof), or all or a significant (by which term is meant damage or destruction where the estimated costs of restoration exceed $25,000.00) part of the Realty is damaged or destroyed by fire or other casualty, Purchaser may, by written notice to Seller, given within thirty (30) days after Purchaser's receiving actual notice of such plan or proposal, threat of condemnation, condemnation, damage, destruction, or sale, elect to rescind and cancel this Agreement, and upon such rescission and cancellation, the Title Company shall return the Earxxxx Xxney to Purchaser and none of the parties shall have any rights, obligations or liabilities hereunder, except those by which their express terms survive the termination hereof. The Closing Date shall be postponed, if necessary, to grant Purchaser such thirty (30) day period. If Purchaser does not elect so to rescind, or if less than a significant part of the Realty is damaged or destroyed by fire or other casualty, this Agreement shall remain in full force and effect, and the purchase contemplated herein, less any Realty destroyed by fire or other casualty or taken by eminent domain or condemnation, or sold in lieu thereof, shall be effected with no further adjustments, and on the Closing Date, Seller shall assign, transfer and set over to Purchaser (subject to the rights of I/O under the I/O Master Lease) all of Seller's right, title and interest in and to any insurance proceeds paid or to be paid with

Destruction, Damage or Condemnation. 21.1. If all, or any part, of the 91st Avenue WWTP is destroyed, damaged, or condemned, the SROG Cities shall restore or reconstruct the 91st Avenue WWTP in such a manner as to permit the SROG Cities to deliver Effluent to the Palo Verde Participants pursuant to this Agreement; or in the event substitute wastewater treatment facilities are constructed at a new location other than the site of the 91st Avenue WWTP, in lieu of restoration or reconstruction of the 91st Avenue WWTP, the SROG Cities shall sell and deliver the same rights to the treated wastewater from such substitute facilities on the same terms and conditions as apply to the sale and delivery of Effluent from the 91st Avenue WWTP pursuant to this Agreement. If the SROG Cities make changes to the 91st Avenue WWTP or construct substitute wastewater treatment facilities at a new location pursuant to this Section 21.1, the SROG Cities shall, at their sole expense, design, construct, and install all infrastructure necessary to deliver the Effluent pursuant to this Agreement. 21.2. If all or a portion of the Participants’ Facilities are destroyed or condemned, the Palo Verde Participants shall repair, restore, or reconstruct the Participants’ Facilities in a manner to permit the Palo Verde Participants to receive and transport Effluent pursuant to this Agreement.

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Destruction, Damage or Condemnation. (a) If, prior to the Closing Date, all or any portion of the Properties is taken by eminent domain (or is the subject of a pending taking which has not been consummated) and such taking results in a Material Loss (as hereinafter defined), then, Owner shall notify the Company of such fact and the Company shall have the option (which option shall be set forth in a notice from the Company to Owner given not later than thirty (30) days after receipt of Owner's notice): (i) to terminate this Agreement, and upon such termination the Xxxxxxx Money shall be refunded to the Company, this Agreement shall be null and void and the parties hereto shall be relieved of all further obligations and liability to each other, except for the Surviving Obligations; or (ii) to accept title to the Properties (other than the portion so taken), without any abatement of any amount payable to Owner hereunder, in which event Owner shall assign and turn over to the Company at the Closing, and the Company shall be entitled to receive and keep, all amounts awarded or to be awarded as the result of the taking of such Properties. (b) If, prior to the Closing Date, all or any portion of the Properties is damaged or destroyed by fire or other casualty and such damage or destruction results in a Material Loss, then Owner shall notify the Company of such fact and the Company shall have the option (which option shall be set forth in a written notice from the Company to Owner given not later than thirty (30) days after receipt of Owner's notice): (i) to terminate this Agreement, and upon such termination the Xxxxxxx Money shall be refunded to the Company, this Agreement shall be null and void and the parties hereto shall be relieved of all further obligations and liability to each other, except for the Surviving Obligations; or (ii) to accept title to the Properties in their existing condition without any abatement of any amount payable to Owner hereunder, in which event Owner shall assign to the Company, at the Closing, all of Owner's right, title and interest in and to the insurance proceeds awarded or to be awarded to Owner as the result of such damage or destruction to such Properties, and Owner shall not settle or compromise any insurance claims or legal actions relating thereto without the Company's prior consent, which consent shall not be unreasonably withheld or delayed. (c) If, prior to the Closing Date, all or any portion of the Properties is damaged or destroyed by fire or other casu...

Destruction, Damage or Condemnation. (a) If, prior to the Closing Date, all or any portion of any Property or Properties to be contributed or sold on the Closing Date are taken by eminent domain (or is the subject of a pending condemnation proceeding that has not been reduced to judgment), Owner shall notify the Company of such fact and the Company shall accept title to the Property or Properties (other than the portion so taken), in which event Owner shall assign and turn over to the Company at the Closing, and the Company shall be entitled to receive and keep, all amounts awarded or to be awarded as the result of the taking of such Properties; it being understood and agreed that the Contribution Consideration or the Sale Price of the Property or Properties to be transferred to the Company pursuant to this Section 9.01(a), as applicable, shall not be reduced by the amounts so awarded or anticipated to be so awarded. (b) If, prior to the Closing Date, all or any portion of any of the Properties to be contributed or sold to the Company on the Closing Date are damaged or destroyed by fire or other casualty, then Owner shall notify the Company of such fact and the Company shall accept title to the Property or Properties in their existing condition, in which event Owner shall assign to the Company, at the Closing, all of Owner’s right, title and interest in and to the insurance proceeds awarded or to be awarded to Owner as the result of such damage or destruction to such Properties and the Contribution Consideration or the Sale Price, as applicable, shall be reduced by the amount of any deductible in connection with the subject casualty. Owner shall not settle or compromise any insurance claims or legal actions relating thereto without the Company’s prior consent.

Destruction, Damage or Condemnation. Section 8.01 Risk of loss due to damage or destruction or condemnation of the Parcel or any part thereof, shall remain with Seller until legal title passes to Purchaser. In the event of any damage, destruction or condemnation of the Parcel or any portion thereof, Purchaser shall have the option of (i) terminating this Contract, or (ii) accepting title in its damaged or destroyed condition whereupon such damage or destruction shall be deemed to have occurred for purposes of the Lease during the term of such Lease (in which event it shall be the obligation of Academy to restore after the closing of title). If Purchaser terminates this Contract pursuant to clause (i) above, neither party under this Contract shall have any obligation to the other and the Downpayment, together with accrued interest (less the Independent Consideration), shall be promptly returned to Purchaser by the Escrow Agent. Notwithstanding the foregoing, in the event of an immaterial damage to the Parcel prior to the Closing, Purchaser shall be required to accept title in accordance with the provisions of clause (ii) of this Section 8.01. For purposes hereof, damage to the Parcel shall be deemed to be “immaterial” if the cost to repair or restore such damage does not exceed $500,000.00 in the aggregate, the estimated time to repair or restore such damage does not exceed 90 days, and Academy cannot axxxx or offset any payments under the Lease or terminate the Lease.

Destruction, Damage or Condemnation. If, prior to Closing, all or any portion of any or all of the Land and the Improvements is damaged by fire or other natural casualty (collectively “Damage”), or is taken or made subject to condemnation, eminent domain or other governmental acquisition proceedings (collectively “Eminent Domain”), then: 16.1. If the aggregate cost of repair or replacement or the value of the Eminent Domain (collectively, “repair and/or replacement”) is $250,000 or less, in the opinion of Purchaser’s and Seller’s respective engineering consultants, Purchaser shall close and take the Property as diminished by such events, with an assignment by Seller of (a) any casualty insurance proceeds (together with a credit from Seller to Purchaser of the full amount of any deductible not paid directly by Seller) or (b) condemnation proceeds, and in the case of either (a) or (b), less any amounts reasonably incurred by Seller to repair the Property and collect the insurance proceeds or condemnation award. 16.2. If the aggregate cost of repair and/or replacement is greater than $250,000, in the opinion of Purchaser’s and Seller’s respective engineering consultants, or if the location or scope of the damage entitles any tenant to terminate its lease of any portion of the Property, then Purchaser, at its sole option, may elect either to (i) terminate this Agreement by written notice to Seller delivered within ten (10) days after Purchaser is notified of such Damage or Eminent Domain, in which event the Deposit shall be returned to Purchaser and neither party shall have any further liability to the other hereunder, except for those liabilities that expressly survive a termination of this Agreement; or (ii) proceed to close and take the Property as diminished by such events, together with an assignment of the proceeds of Seller’s casualty insurance (together with a credit from Seller to Purchaser of the full amount of any deductible not paid directly by Seller) for all Damage (or condemnation awards for any Eminent Domain), less any amounts reasonably incurred by Seller to repair the Property and collect the insurance proceeds or condemnation award. 16.3. In the event of a dispute between Seller and Purchaser with respect to the cost of repair and/or replacement with respect to the matters set forth in this Section 16.3, an engineer designated by Seller and an engineer designated by Purchaser shall select an independent engineer licensed to practice in the jurisdiction where the Property is lo...

Destruction, Damage or Condemnation. 01. In the case of fire or other casualty, or the taking of the Premises or any part thereof by eminent domain (collectively a “Casualty/Taking Event”), and in the event the damage, if any, shall not have been repaired by the Closing, the parties agree that the provisions of Section 5-1311 of the General Obligations Law of the State of New York shall apply, except that: (i) A “material” part of the Premises within the meaning of such law shall be deemed to have been taken or damaged only if (x) the cost of repair in the case of fire or casualty or the value of the taking in the case of eminent domain, as the case may be, shall be $10,000,000.00 or more, or (y) the taking materially adversely affects Purchaser’s access to the Premises. In the event of taking or damage of a material part of the Premises, at Purchaser’s option, Purchaser may terminate this contract upon written notice to Seller and receive a refund of the Downpayment, or Purchaser may elect to have Seller assign (without representation, warranty and/or recourse, express or implied, other than that Seller has not encumbered or otherwise assigned the hereinafter described insurance and condemnation proceeds) to Purchaser all proceeds and rights with respect to such insurance and condemnation proceeds (net of all collection costs and amounts applied, in accordance with §8.03, to the restoration and protection of the Premises) and Purchaser shall accept same in lieu of any abatement and this contract shall not be terminated.

Destruction, Damage or Condemnation ss. 8.01. The provisions of the Uniform Vendor and Purchaser Risk Act, if effective in the state in which the Premises are located, shall apply to the sale and purchase provided for in this contract.