Destruction, Damage, or Taking Before Closing. In the event of damage to or destruction of all or any portion of the Property by fire or other casualty, Seller shall promptly notify Buyer. If Seller reasonably estimates that $50,000.00 or less is required to be expended to repair or restore the damaged or destroyed Property or portion thereof ("Repair Cost"), this Agreement shall remain in full force and effect, and Seller shall, at its option, either (i) repair such damage or destruction, or, if such damage or destruction has not been repaired prior to Closing, (ii) require Buyer to take title to the Property, assign to Buyer all available casualty insurance proceeds and indemnify Buyer (in form and content satisfactory to Buyer) for all costs and expenses of repair in excess of available insurance proceeds. If Seller reasonably estimates that the Repair Cost exceeds $50,000.00, Buyer shall have, as its sole and exclusive remedies, (i) the option to terminate this Agreement in accordance with Section 14 within ten (10) business days after its receipt of notice from Seller as set forth above, by notice in writing to Seller, or (ii) if Buyer does not elect to terminate, this Agreement shall remain in full force and effect, Buyer shall take title to the Property subject to such damage to or destruction, with an assignment by Seller to Buyer of all available casualty insurance proceeds. In the event of an eminent domain taking or the issuance of a notice of an eminent domain taking with respect to all or any portion of the Property, Seller shall promptly notify Buyer. Buyer shall have, as its sole and exclusive remedies, (i) the option to terminate this Agreement in accordance with Section 14 within ten (10) business days after its receipt of such notice from Seller, by notice in writing to Seller, or (ii) if Buyer does not elect to terminate this Agreement, this Agreement shall remain in full force and effect, Buyer shall be obligated to consummate this transaction for the full Purchase Price, and Buyer shall be entitled to receive all eminent domain awards and, to the extent the same may be necessary and appropriate, Seller shall assign to Buyer at Closing Seller's rights to such awards. In no event shall the Purchase Price be reduced, except to the extent of any deductible amounts payable in connection with insurance proceeds assigned by Seller to Buyer.
Destruction, Damage, or Taking Before Closing. If, before Closing, all or any material part of the Land or Improvements are destroyed or damaged, or become subject to condemnation or eminent domain proceedings, then Seller shall promptly notify Buyer thereof. Buyer may elect to proceed with the Closing (subject to the other provisions of this Agreement and with no reduction in the Purchase Price) by delivering notice thereof to Seller within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, but in such event Buyer shall be entitled to all insurance proceeds or condemnation awards payable as a result of such damage or taking and, to the extent the same may be necessary or appropriate, Seller shall assign to Buyer at Closing Seller's rights to such proceeds or awards. If, within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, Buyer notifies Seller of its intent to terminate this Agreement, or if Buyer gives no notice within such period, then Buyer shall be deemed to have terminated this Agreement pursuant to Section 11(b). For the purposes of this Section 10, damage or a taking shall be considered to be "material" if the value of the portion of the Land or Improvements damaged or taken exceeds an amount equal to twenty five percent (25%) of the Purchase Price, or, in the case of a taking, if the portion of the Land or Improvements taken are such that Tenant has the right to terminate the Lease.
Destruction, Damage, or Taking Before Closing. If, before Closing, all or any part of the Land or Improvements are destroyed or damaged, or become subject to condemnation or eminent domain proceedings, then Seller shall promptly notify Purchaser thereof. Purchaser shall have the right to elect to proceed with the Closing (subject to the other provisions of this Agreement) by delivering notice thereof to Seller within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, but Purchaser shall be entitled to all insurance proceeds or condemnation awards payable as a result of such damage or taking and, to the extent the same may be necessary or appropriate, Seller shall assign to Purchaser at Closing Seller's rights to such proceeds or awards. If, within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, Purchaser notifies Seller of its intent to terminate this Agreement, or if Purchaser gives no notice within such period, then Purchaser shall be deemed to have terminated this Agreement pursuant to Section 12(b) hereof.
Destruction, Damage, or Taking Before Closing. If, before Closing, all or any part of the Land, Improvements or Personalty are destroyed or damaged, or become subject to condemnation or eminent domain proceedings (a “material damage or taking”), then Seller shall promptly notify Purchaser thereof, and either Seller or Purchaser may elect to terminate this Agreement by delivering written notice thereof to the other. If this Agreement is terminated, except for obligations of Purchaser which survive termination of this Agreement, the parties shall have no further obligations hereunder. If neither part elects to terminate this Agreement, Seller shall, at its sole cost and expense but having full entitlement to use all insurance proceeds or condemnation awards payable as a result of such damage or taking, restore the Property to substantially the same condition in which it existed prior to occurrence of such casualty or condemnation and the Closing shall be postponed if necessary to complete such restoration.
Destruction, Damage, or Taking Before Closing. (a) If, after the Effective Date and before Closing, all or any "material" part of the Land or Improvements are destroyed or damaged by a casualty event or become subject to condemnation or eminent domain proceedings, then Seller shall promptly notify Purchaser thereof. Following the occurrence of any such event, Purchaser shall have the right to elect to either terminate this Agreement or to proceed with the Closing (subject to the other provisions of this Agreement) by delivering notice of such election to Seller within five (5) Business Days of Purchaser's receipt of Seller's notice respecting the damage, destruction, or taking. If Purchaser elects to proceed with Closing (which Purchaser shall be deemed to have elected to do if Purchaser fails to give Seller written notice of Purchaser's election within such five (5) day period), Purchaser shall be entitled to all insurance proceeds (without reduction for Seller's deductible, if any) or condemnation awards payable as a result of such damage, destruction or taking and, to the extent the same may be necessary or appropriate, Seller shall assign to Purchaser at Closing Seller's rights to such proceeds or awards. If, within five (5) Business Days of receipt of Seller's notice respecting any "material" damage, destruction, or taking, Purchaser notifies Seller of its intent to terminate this Agreement, then Purchaser shall have terminated this Agreement, in which event the Xxxxxxx Money shall be returned to Purchaser and neither party shall have any further rights, duties or obligations hereunder, other than the indemnification rights and other matters set forth herein which expressly survive the termination of this Agreement. For the purposes of this Section 10, a destruction, damage or a taking shall be considered to be "material" if (i) the replacement cost of the portion of the Land or Improvements damaged, destroyed or taken exceeds $250,000, (ii) the destruction, damage or taking permits any tenant under a Major Lease to terminate such Lease or permits rent payments under such Major Lease to xxxxx for a period of time in excess of the rental coverage therefor provided by any insurance maintained by Seller, or (iii) in the case of a taking, if the portion of the Land or Improvements taken are such that they materially and adversely affect the ability to use the remainder of the Real Property for the purposes for which they are presently used in such a manner as to cause a reduction in net market value o...
Destruction, Damage, or Taking Before Closing. (a) In the event of damage to or destruction of all or any portion of the Property by fire or other casualty, Seller shall promptly deliver to Buyer written notice thereof, which notice shall contain reasonable detail regarding such damage or destruction, including without limitation Seller’s reasonable estimate of the amount required to be expended to repair or restore the damaged or destroyed Property or portion thereof. If Seller does not cause all damaged or destroyed Property to be repaired or replaced (to Buyer’s satisfaction, in its sole discretion) on or before the Closing Date, then Buyer may elect, in its sole discretion, to either (i) purchase the Property subject to such damage or destruction without a reduction in the Purchase Price but with an assignment of available insurance proceeds, or; (ii) terminate this Agreement.
Destruction, Damage, or Taking Before Closing. Before the Closing, Seller bears the risk of loss with regard to the Property. If, before the Closing, the Property or any substantial portion of it is destroyed or damaged, or becomes subject to a taking by eminent domain, Purchaser may either (i) terminate this Contract and receive back the Earnest Money, and neither party will have any further rixxxx xx obligations under this Contract except as set forth in Section 4(c) and (d); or (ii) proceed with the Closing of the Property, and Seller will assign to Purchaser all insurance or condemnation proceeds available as a result of such damage, destruction, or taking.
Destruction, Damage, or Taking Before Closing. 14.1 In the event of damage to or destruction of all or any portion of the Property by fire or other casualty, Sellers shall properly notify Buyer of the nature and extent of such damage or destruction, and the amount, if any, of insurance proceeds that are available to make such repairs or restoration. In the event the cost to repair or reconstruct the damage caused by fire or other casualty to the Property (the "Repair Cost") does not exceed $250,000.00 in the reasonable estimation of Sellers, then this Agreement shall remain in full force and effect. If such damage or destruction has not been repaired to the reasonable satisfaction of Buyer prior to Closing, Sellers shall assign to Buyer any and all claims for the insurance proceeds of such damage or destruction of the Property and pay to Buyer or credit against the Purchase Price the amount of any deductible, but not to exceed the amount required to repair or replace the portion of the Property destroyed, and Buyer shall take title to the Property with the assignment of such proceeds and subject to such damage or destruction with no reduction of the Purchase Price. If Sellers reasonably estimate that the Repair Cost exceeds $250,000.00, Buyer shall have the option to terminate this Agreement in accordance with Section 14. If Buyer does not elect to terminate, this Agreement shall remain in full force and effect, and if such damage or destruction has not been repaired to the reasonable satisfaction of Buyer prior to Closing, Sellers shall assign to Buyer any and all claims for the insurance proceeds of such damage or destruction of the Property and pay to Buyer or credit against the Purchase Price the amount of any deductible, but not to exceed the amount required to repair or replace the portion of the Property destroyed, and Buyer shall take title to the Property with the assignment of such proceeds subject to such damage or destruction with no reduction of the Purchase Price.
Destruction, Damage, or Taking Before Closing. It at any time prior to the Closing, any portion of the Leased Premises, Acquired Assets and/or the Project is destroyed or damaged as a result of fire or any other cause whatsoever, or becomes subject to condemnation or eminent domain proceedings, Seller shall promptly give notice thereof to Buyer, and Buyer shall have fifteen (15) days after such notice in which to either: (1) accept the assignment of the Master Lease Documents, and/or Acquired Assets as applicable in their respective destroyed and/or damaged condition, or subject to such condemnation or eminent domain proceedings, by giving written notice thereof to Seller, in which event at Closing Seller shall assign to Buyer all proceeds of insurance or condemnation awards for such damage or condemnation with no reduction or abatement in the Purchase Price; or (ii) terminate this Agreement by giving notice to such effect to Seller, and upon the giving of such notice to Buyer, the Escrow Agent shall promptly return Escrow Deposit to Buyer.
Destruction, Damage, or Taking Before Closing
