Common use of Destruction, Damage or Condemnation Clause in Contracts

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. Prior to (a) If (i) all or substantially all of the Closing Date, risk of loss with regard to the Realty and the construction, ownership, operation, management or maintenance thereof Premises 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 casualtycasualty or taken under power of eminent domain or rendered unusable in Tenant's business by reason of a governmental order or decree, Purchaser may(ii) the Premises remaining after damage by fire or other casualty or taking by eminent domain is, in the reasonable judgment of Tenant, insufficient for the feasible operation of Tenant's business, or (iii) in the exercise of reasonable judgment of Tenant (or, in the last two years (2) of the Term, Landlord), repair and restoration of the Building after damage by written fire or other casualty or taking by eminent domain will require more than one hundred twenty (120) days, then Tenant (and in the last two years of the Term, Landlord) shall have the right, exercisable within thirty (30) days of receipt of notice of such casualty or condemnation, to terminate this Lease. If Landlord elects to terminate this Lease in the last two (2) years of any term prior to the last Extension Term, such election may be nullified by Tenant giving notice to Seller, given Landlord exercising its right to the next Extension Term within thirty (30) days after PurchaserLandlord's receiving actual notice election. (b) If, after damage by fire or other casualty or taking by eminent domain, neither party has exercised its rights granted within this Section 9 to terminate this Lease, then this Lease shall remain in effect and Landlord shall proceed with reasonable diligence, and at its expense (but only to the extent of such plan insurance proceeds recovered and made available to Landlord plus the amount of any deductible actually paid by Tenant to Landlord with respect to casualty and only to the extent of a condemnation award actually received with respect to eminent domain proceedings), to cause the Premises to be repaired and restored as nearly as possible to the condition in which they were immediately prior to the casualty or proposal, threat of condemnation, condemnationsubject to applicable laws and regulations. Landlord shall not be liable for delays in the making of any repairs to the Premises which are due to governmental regulations, damagecasualties and strikes, destruction, or sale, elect to rescind unavailability of labor and cancel this Agreementmaterials, and upon other causes beyond the control of Landlord ("EXCUSABLE DELAY"), nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from reasonable delays in repairing such rescission and cancellation, damage. Notwithstanding anything to 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 postponedcontrary herein, if necessary, to grant Purchaser such Excusable Delay continues for more than thirty (30) day period. days and if as a result Landlord will not complete restoration of the Premises within the time period contemplated by Section 9(d), then Tenant may terminate this Lease on written notice to Landlord. (c) If Purchaser does not elect so to rescindthe Premises, or any part thereof, shall have been rendered unfit for use and occupation hereunder, or if less than a significant part Tenant is denied reasonable access to the Premises, in either case by reason of the Realty is damaged casualty or destroyed by fire or other casualty, this Agreement shall remain in full force and effectcondemnation, and the purchase contemplated hereinLease has not otherwise been terminated in accordance with this Section 9, less then Fixed Rent, Additional Rent and other charges due hereunder, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered untenantable, shall be suspended or abated until the Premises shall have been restored as nearly as practicable to the condition in which they were immediately prior to such casualty or condemnation, subject to applicable laws and regulations. (d) If neither party has exercised its rights granted within this Section 9 to terminate this Lease, and Landlord has proceeded to repair and restore the Premises as provided above and does not substantially complete repair and restoration of the Premises to substantially the same condition which they were in prior to the casualty or condemnation within two hundred seventy (270) days after such damage, then Tenant may terminate this lease by notice to Landlord within fifteen (15) days after the expiration of said two hundred seventy (270) day period, Tenant's right of termination being its sole remedy with respect to Landlord's failure to restore. (e) In the event of any Realty destroyed termination of this Lease pursuant to Section 9, this Lease and the Term hereof shall expire as of such effective termination date and the Fixed Rent, Additional Rent, and other charges shall be apportioned as of such effective termination date. (f) If the Premises or any part thereof shall be damaged by fire or other casualty or taken under power of eminent domain, each party hereto shall give prompt written notice to the other. (g) Tenant is required by eminent domain or condemnationthe terms hereof to insure its own personal property, or sold in lieu thereof, and all repairs to and replacements of Tenant's personal property shall be effected with no further adjustmentsmade by and at the expense of Tenant, and on the Closing Date, Seller Landlord 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 have no liability or to be paid withresponsibility therefor.

Destruction, Damage or Condemnation. Prior to the Closing Date, risk of loss with regard to the Realty Project and the construction, ownership, operation, management or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or a material part of the Realty Project 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 material part of the RealtyProject, 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 Project is damaged or destroyed by fire or other casualty, Purchaser may, by written notice to Seller, given within thirty (30) days after Purchaser's ’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 Xxxxxxx Money 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 hereofas set forth herein. 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 Project 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 property 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 Dateprovisions of the Lease shall govern any actions required to be taken by Purchaser and Seller in connection with such condemnation, Seller shall assigndamage, transfer and destruction, or sale. If this Agreement is not rescinded by Purchaser as set over to Purchaser (forth above, at such time as all or part of the Project is subject to a bona fide threat of condemnation as hereinabove provided, Purchaser shall be permitted to participate in the rights of I/O under proceedings as if Purchaser were a party to the I/O Master Lease) all of Seller's right, title and interest in and to any insurance proceeds paid or to be paid withaction.

Destruction, Damage or Condemnation. Prior to (a) Sellers shall each keep in effect until the Closing Date, its present hazard insurance. The risk of any 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, casualty or 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 taking of the parties shall have Subject Premises or any rights, obligations or liabilities hereunder, except those part thereof by which their express terms survive the termination hereof. The Closing Date eminent domain shall be postponedassumed solely by applicable Seller until the Closing; provided, if necessaryhowever, that in the event of damage to grant Purchaser such thirty (30) day period. If Purchaser does not elect so to rescind, or if less than a significant part destruction of the Realty is damaged or destroyed by fire or other casualtySubject Premises, 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, Sellers shall be effected with no further adjustments, and on the Closing Date, Seller shall assign, transfer and set pay over to Purchaser (subject Buyer the amount of the insurance proceeds collected to the rights extent not applied to the restoration or repair of I/O under the I/O Master Lease) Subject Premises or, if any proceeds have not been collected, Sellers shall assign to Buyer all of Seller's its right, title and interest in and to the same to the extent not applied by Sellers to the restoration or repair of the Subject Premises. Sellers retain the right to make, compromise and settle any claims against the insurance company arising out of any such casualty. (b) If on or prior to the Closing Date, (A)(i) there is a total destruction of a Subject Premises, or (ii) a portion of a Subject Premises is destroyed and the estimated cost of repair or restoration exceeds $500,000.00, as determined by an architect or engineer designated by the parties, or (B) a portion of a Subject Premises is destroyed and materially changes or decreases any access to or parking for such Subject Premises such that the Subject Premises can no longer comply with applicable law or otherwise causes such Subject Premises to no longer be in compliance with applicable law, which non-compliance cannot be remedied by the restoration of such Subject Premises, then, in such event, Buyer or the applicable Seller shall have the option of canceling this Agreement within ten (10) business days after notice of said destruction, whereupon neither party shall have any liability to the other except as may be otherwise set forth herein to the contrary. In the event of an occurrence as set forth in the preceding sentence, if Buyer or Sellers do not so elect to cancel this Agreement, or in the event that the cost of repair or restoration of a Subject Premises is $500,000.00 or less, then Buyer and Sellers shall consummate the transaction contemplated by this Agreement without any reduction or abatement in the Purchase Price and Sellers upon the Closing shall assign to Buyer all of its rights in and to any insurance proceeds paid in connection with such fire or casualty less Sellers’ costs of collection which shall be refunded to Sellers. Sellers will execute and deliver to Buyer at the Closing all proper or necessary instruments for the assignment of all Sellers’ right, title, and interest in and to such proceeds. (c) If on or prior to the Closing Date, there is a condemnation or taking of the Subject Premises, or any portion thereof, other than a temporary taking not materially restricting access to or use of the Subject Premises, either Buyer or Seller shall have the option of canceling this Agreement within ten (10) business days of the party’s receipt of notice of said condemnation or taking by the governing authority, whereupon such cancellation neither party shall have any further liability to the other except as may be paid withotherwise set forth herein to the contrary. In the event of an occurrence as set forth in the preceding sentence, if Buyer or Seller do not so elect to cancel this Agreement, then Buyer and Seller shall consummate the transaction contemplated by this Agreement without any reduction or abatement in the Purchase Price and Seller at the Closing shall assign to Buyer all of its rights in and to any condemnation awards in connection with such condemnation or taking. Seller will execute and deliver to Buyer at the Closing all proper or necessary instruments for the assignment of all Seller’s right, title, and interest in and to such awards.

Destruction, Damage or Condemnation. Prior to the Closing Date, risk of loss with regard to the Realty Project and the construction, ownership, operation, management or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or a material part of the Realty Project 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 material part of the RealtyProject, 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 $25,000.00100,000.00) part of the Realty Project 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 Xxxxxxx Money 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 hereofas set forth herein. 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 Project 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 property 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 Dateprovisions of the Lease shall govern any actions required to be taken by Purchaser and Seller in connection with such condemnation, Seller shall assigndamage, transfer and destruction, or sale. If this Agreement is not rescinded by Purchaser as set over to Purchaser (forth above, at such time as all or part of the Project is subject to a bona fide threat of condemnation as hereinabove provided, Purchaser shall be permitted to participate in the rights of I/O under proceedings as if Purchaser were a party to the I/O Master Lease) all of Seller's right, title and interest in and to any insurance proceeds paid or to be paid withaction.