Destruction of Improvements. (a) If, prior to Closing, any of the Improvements on any of the properties that comprise the Property are damaged or destroyed such that the cost of repair or replacement of such improvements is material (“Material Damage”), or a condemnation proceeding is commenced or threatened in writing by a governmental or quasi-governmental agency with the power of eminent domain (“Condemnation”), then:
(1) Buyer may elect, within fourteen (14) days from receipt of notice of said Material Damage, or notice of a Condemnation, by written notice to Seller, to exclude the individual property affected by such event from this transaction; provided that if more than twenty-five percent (25%) of the properties that comprise the Property suffer Material Damage, or become the subject of a Condemnation, then Buyer may terminate this Agreement. If necessary, the time of Closing shall be extended to permit Buyer to evaluate and make the elections contemplated in this Section 21. If Buyer elects to terminate this Agreement in accordance with this Section 21, then the Deposit shall be returned to Buyer and, except for the provisions of this Agreement that expressly survive Closing or earlier termination of this Agreement, this Agreement shall be void and of no further force and effect, and neither party shall have any liability to the other by reason hereof; or
(2) If Buyer elects to exclude certain properties from this transaction, and proceed to the Closing, then the Purchase Price will be reduced by the aggregate Assigned Home Value of the excluded properties. If, however, it is determined that any damage to one or more properties does not constitute a Material Damage, or Buyer elects to purchase one or more properties that have suffered Material Damage, then the transaction contemplated hereby shall be closed without a reduction in the Purchase Price, and Seller shall assign to Buyer Seller’s rights in any insurance proceeds or Condemnation award to be paid to Seller in connection with such damage or Condemnation, and, in the case of Material Damage, Seller shall pay to Buyer an amount equal to the deductible under Seller’s policy of casualty insurance and Seller shall execute and deliver to Buyer all required proofs of loss, assignments of claims and other similar items.
(b) For purposes of this Section 21, damage or destruction will be considered “Material Damage” if one or more of the properties that comprise the Property are rendered uninhabitable, or if the time to repair ...
Destruction of Improvements. The Mortgaged Property is demolished, destroyed, or substantially damaged so that, in Beneficiary’s sole judgment, it cannot be restored or rebuilt with available funds to the condition existing immediately prior to such demolition, destruction, or damage within a reasonable period of time.
Destruction of Improvements. 1. In the event the Leased Premises are damaged or destroyed in whole or in part by fire or any other cause whatsoever during the term of this Lease, Landlord shall promptly repair and restore the Leased Premises which Landlord furnished upon the commencement of the Lease term to substantially the same condition that existed just prior to its damage or destruction, unless this Lease is terminated as hereinafter provided, and the fixed rent shall be abated in proportion to the portion of the Leased Premises which is untenantable until the Leased Premises are repaired by Landlord. The work of rebuilding or repair shall be initiated by Landlord with all reasonable dispatch, diligently proceeded with to completion, and Tenant shall repair or replace its trade fixtures, furnishings and equipment to return them to substantially the same condition that existed prior to their damage or destruction. In no event shall Landlord be required to repair or replace the betterments and improvements installed in the Leased Premises by Tenant or the trade fixtures, furnishings, equipment and other personal property located at the Leased Premises.
2. Notwithstanding anything to the contrary contained in this Article, in the event that the rebuilding, restoring or repair of the Leased Premises to tenantable condition would require more than one hundred eighty (180) days to complete after commence-ment of the work (subject to extension for delays caused by acts of God, strikes, lockouts, shortages of materials and/or workmen or other causes beyond the reasonable control of Landlord) or in the event that the damage or destruction to the Leased Premises occurs during the last two years of the Lease term and would require more than ninety (90) days to complete after commencement of the work, then either party may terminate and cancel this Lease by giving written notice to the other within sixty (60) days after the occur-rence of such damage or destruction. In the event of any such termination, all proceeds of insurance maintained by Tenant pur- suant to Article XI, Paragraph 2 shall be the property of Tenant.
Destruction of Improvements. If the improvements of the property are destroyed, materially damaged, or found to be materi- ally defective as a result of such damage pr ior to close of escrow, Buyer may terminate this Agreement by written notice delivered to Seller or his or her Broker, and all unused deposits will be returned. In the event Buyer does not elect to terminate this Agree- ment, Buyer will be entitled to receive, in addition to the property, any insurance proceeds payable on account of the damage or destruction.
Destruction of Improvements. If the improvements of the Property are destroyed, materially damaged, or found to be materially defective as a result of such damage prior to Close of Escrow or approval by the CTC, Purchaser may terminate the transaction by written notice delivered to Caltrans, and all Deposits shall be returned to Purchaser.
Destruction of Improvements. If any of the Buildings is --------------------------- demolished or removed or demolition or removal thereof is imminent, eminent domain proceedings excepted.
Destruction of Improvements. If all or any material part of the improvements, if any, on the Property is destroyed or damaged (excluding natural wear and tear) prior to Closing, Seller shall give Notice to Buyer of such damage or destruction and of Seller's insurance coverage. Within thirty (30) days of Seller’s notification to Buyer, Buyer shall elect by Notice to Seller either (i) to Terminate this Contract, in which event the Xxxxxxx Money shall be refunded to Buyer, or (ii) to close the transaction contemplated hereby, in which event the Purchase Price shall not be reduced but Seller shall assign to Buyer Seller's rights in any insurance proceeds paid or payable to Seller in connection with such damage or destruction. If Xxxxx does not give Notice timely, Buyer shall be deemed to have elected to close the transaction contemplated hereby in accordance with this paragraph. Seller agrees until Closing to maintain any improvements in their existing condition, natural wear and tear and damage by condemnation, fire or other casualty excepted, and to preserve in effect all existing insurance on the improvements.
Destruction of Improvements a. If during the Term any portion of the Improvements on the Premises shall be damaged or destroyed by fire or other casualty, there shall be no abatement of Base Rent or Additional Rent and, whether or not the damage or destruction shall have been insured against, the Tenant shall proceed with reasonable diligence to repair, rebuild, or replace such Improvements.
b. If, however, the Improvements shall be substantially damaged or destroyed by fire or other casualty, the Tenant shall have the right to terminate this Lease, provided that notice thereof is given to the Landlord not later than sixty (60) days after such damage or destruction. For purposes of this Section 19, the term "substantial damage" means damage of such a character as cannot reasonably be expected to be repaired or restored, proceeding with all reasonable dispatch, within two hundred seventy (270) days from the date of such damage. If this right of termination is exercised, this Lease shall cease and come to an end as of the date of such termination, but it shall be a condition to the effectiveness of such termination that the Tenant assign all of its rights to the Landlord in its all-risk (special form) insurance covering the Improvements.
Destruction of Improvements. If the improvements located on the Property are destroyed, materially damaged, or found to be materially defective prior to closing, BUYER shall have the option for ten (10) days thereafter of proceeding hereunder or of terminating this Agreement. In the event BUYER elects to terminate this Agreement, BUYER may terminate this transaction by written notice to SELLER’S and the Deposit shall be returned to BUYER. In the event BUYER does not elect to terminate this Agreement, BUYER shall be entitled to receive in addition to the Property any insurance proceeds payable on account of the damage or destruction of the Property provided, however, in the event the insurance proceeds payable exceed the Purchase Price, the SELLER shall be entitled to the insurance proceeds in excess of the Purchase Price.
Destruction of Improvements. If any of the Buildings is demolished or removed or demolition or removal thereof is imminent, eminent domain proceedings excepted, unless Mortgagor is diligently repairing or replacing the Mortgaged Property to Mortgagee's satisfaction in accordance with SECTION 5.6 hereof.
