Destruction or Condemnation. Without limiting the effects described in Section 8.3, above, and if during the term hereof any Store is damaged or destroyed by a fire or other casualty or is partially acquired or condemned by right of eminent domain for any public or quasi-public use or purpose, this Agreement shall remain in full force and effect except that: in the event of such casualty, the License Fee for the affected Licensed Premises shall xxxxx (except to the extent that such fees are recoverable from insurance proceeds) pursuant to Section 4.3, above, from the date of destruction until the restoration and re-opening for business of the affected Store; and in the event of a partial condemnation, the License Fee for the affected Licensed Premises shall xxxxx equitably and proportionately from: the date of the physical taking in an amount upon which the parties shall mutually agree according to the nature and extent of the taking of the affected Store and the affected Licensed Premises, if any.
Destruction or Condemnation. If the Premises or Lessee Facilities are damaged, destroyed, condemned or transferred in lieu of condemnation (due to no cause or fault of its own), Lessee may elect to terminate this Agreement as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving notice to Lessor no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation. If Lessee chooses not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of the Premises.
Destruction or Condemnation. (a) If on or prior to the date set for Closing there is a casualty or condemnation affecting the Property which constitutes a Substantial Loss, Purchaser shall have the option of cancelling this Contract within fifteen (15) days after notice of such casualty or condemnation, in which event, the Deposit shall be returned to the Purchaser and this Contract deemed cancelled and of no force and effect and neither party shall have any further rights or liabilities against or to the other. In the event of a Substantial Loss, and Purchaser does not elect to cancel this Contract, or in the event that the casualty or condemnation does not constitute a Substantial Loss, then the Purchaser and Seller shall consummate the transaction contemplated by this Contract without any reduction or abatement in the Purchase Price and Seller, upon the Closing, shall assign to the Purchaser all of its rights in and to any insurance proceeds (and shall pay to Purchaser, or allow on account the Purchase Price, a sum equal to the amount of the deductible, if any, on Seller's casualty insurance policy for the Premises) or condemnation awards, as the case may be, in connection with such casualty or condemnation.
(b) As used herein, "Substantial Loss" with respect to the Property shall mean a casualty or condemnation that either (i) shall entitle any anchor Space Tenant denoted as such on Schedule C annexed hereto (each an "Anchor Space Tenant" and collectively the "Anchor Space Tenants") to terminate its Space Lease on or after the Closing Date and Seller has failed to obtain a waiver of such termination right or (ii) requires repairs or restoration costs in excess of Seven Hundred Fifty Thousand ($750,000.00) Dollars. In the event Purchaser elects to cancel this Contract in accordance with subparagraph (a) above, Seller may rescind such cancellation by (iii) delivering, within one (1) year after the receipt of Purchaser's notice of cancellation, a waiver by each Anchor Space Tenant which was entitled to terminate its Space Lease by reason of the casualty or condemnation of its right or option to so terminate and (iv) within one (1) year after receipt of Purchaser's notice of cancellation, restorating and repairing the Property (A) if in connection with a casualty, substantially to its condition immediately prior to the casualty or (B) if in connection with a condemnation, as may be reasonably necessary as a result of the taking of property; provided, however, that Purchaser shall have...
Destruction or Condemnation. Licensor and Licensee agree that Licensor shall in no way be liable for loss or use or other damage of any nature arising out of the loss, destruction or damage to the Premises or Licensee’s Equipment located thereon, by fire, explosion, windstorms, water or any other casualty or acts of third parties. In the event the Premises or any part thereof is damaged or destroyed by elements or any other cause, Licensor may elect to repair, rebuild, or restore the Premises or any part thereof, to at least the same condition as it was immediately prior to such casualty. In such event, the Fee shall cease as of the date of such casualty until the Premises, in Licensor’s opinion, is restored to a usable condition for Licensee’s operations. If Licensor chooses not to repair, restore or rebuild the Premises, Licensor shall send to Licensee a notice of cancellation of this License Agreement within thirty (30) days of such casualty. If this License Agreement is cancelled, the payments required herein shall terminate as of the date of such casualty.
Destruction or Condemnation. If the Premises or Tenant Facilities are damaged (but only if such damage, in the reasonable judgment of the Tenant, adversely affects the Tenant's business operations), destroyed, condemned or transferred in lieu of condemnation, Tenant may elect to terminate this Lease and the related Site Schedule with respect to the affected Site as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation unless Landlord repairs or reconstructs the Antenna Site on such affected Site or on real property with the same coordinates to a condition that is suitable to allow the installation of the Tenant Facilities within sixty (60) days of the date of the destruction, condemnation or transfer. Rent accruing under the Site Schedule shall be abated during that period in which the Site is being repaired, rebuilt or reconstructed on a Site which has been damaged, destroyed, condemned or transferred in lieu of condemnation. If Tenant chooses not to terminate this Lease and the related Site Schedule with respect to the affected Site, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of the Premises and the duration thereof. Tenant shall have the right, at its option, to locate and operate a "cell on wheels" or comparable backup system on any affected Site during the pendency of any repairs or reconstruction; provided, however, that, any such action by Tenant shall not unreasonably interfere with Landlord's repairs or reconstruction. Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, loss of goodwill, moving expenses, damage to, and cost of removal of, the Tenant Facilities and other personal property belonging to Tenant.
Destruction or Condemnation. By Buyer, if any of the Purchased Assets are damaged, destroyed or taken, and if such damage, destruction or condemnation is not "Non-Material" as such term is described in Section 6.11.
Destruction or Condemnation. In the event of the destruction or condemnation of any or all of the Owner’s Land, the Owner shall at Owner’s expense restore the premises to the same condition as prior to the destruction if it can be reasonably restored. If it cannot be reasonably restored this Agreement shall terminate as to that portion of Owner’s Land. In the event of condemnation this Lease shall terminate as to the condemned portion and be of no further force or effect, but both Owner and Mauna Loa may pursue their separate rights against the condemning authority.
Destruction or Condemnation. If the Occupied Location, the Site, or the Co- Locator Facilities are damaged, destroyed, condemned or transferred in lieu of condemnation, the Co-Locator may elect to terminate this SOA as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving written notice to the DOC no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation.
Destruction or Condemnation. If the Occupied Location, the Site, or the Co-Locator Facilities are damaged, destroyed, condemned or transferred in lieu of condemnation, the Co-Locator may elect to terminate this SOA as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving written notice to the Program Manager no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation. If the Program Manager chooses not to terminate this SOA, the Payment shall be reduced or abated in proportion to the actual reduction or abatement of use of the Occupied Location or the Site.
Destruction or Condemnation. State shall bear the risk of loss until Closing. If on or before the Closing Date either the Property is materially damaged, or condemnation proceedings are commenced with respect to the Property, Purchaser shall elect either to terminate this Agreement or to purchase the Property. Purchaser must give written notice of such election to State within fifteen (15) days of Purchaser's knowledge of such damage or condemnation. Failure to give State notice of Purchaser's election to terminate shall be deemed an election to purchase. If Purchaser elects to terminate this Agreement, any deposit shall be returned to Purchaser, and all rights and obligations of Purchaser and State shall terminate. If Purchaser elects to purchase the Property, Purchaser shall be entitled to the insurance proceeds, if any, or to the condemnation award either of which shall be without adjustment to the Purchase Price. Damage shall be deemed "material" if it cannot be repaired or replaced within ninety (90) days or it represents more than ten percent (10%) of the Purchase Price.
