Common use of Effect of Material Taking Clause in Contracts

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a portion of the Property or all of it, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10) days after Buyer's receipt of such notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be any reduction in the Purchase Price, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty (30) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement except as set forth in Section 6.9. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a portion of the Property or all of itthat is material, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10) days Business Days after Buyer's receipt of such noticeSeller's Condemnation Notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be and any reduction in the Purchase Price, any agreed upon delay in Closing and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day Business Day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty (30) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement except as set forth in Section 6.9Agreement. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a material portion of the Property or all of it, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10) days after Buyer's receipt of such notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be and any reduction in the Purchase Price, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty ten (3010) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement (except as set forth in Section 6.9for such rights and obligations that, by the express terms hereof, survive any termination of this Agreement), and Escrow Holder shall immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyer. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a portion of the Property or all of it, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10) days after Buyer's receipt of such notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be any reduction in the Purchase Price, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty (30) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement except as set forth in Section 6.9Agreement. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a material portion of the Property or all of it, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10) days after Buyer's receipt of such notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be and any reduction in the Purchase Price, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty ten (3010) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement except as set forth in Section 6.9for those which expressly survive the termination of this Agreement, and Escrow Holder shall immediately return the Earnxxx Money Deposit (with interest thereon) to Buyer. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a material portion of the Property or all of it, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10) days after Buyer's receipt of such notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be and any reduction in the Purchase Price, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty ten (3010) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment at Closing of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement (except as set forth in Section 6.9for such rights and obligations that, by the express terms hereof, survive any termination of this Agreement), and Escrow Holder shall immediately return the Exxxxxx Money Deposit (with interest thereon) to Buyer. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).. (g)

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a material portion of the Property or all of it, Seller shall notify Buyer Purchaser in writing of such taking or threatened taking, and within ten (10) days after BuyerPurchaser's receipt of such notice, Seller and Buyer Purchaser shall endeavor to agree upon whether the Property shall be purchased by BuyerPurchaser, whether there shall be and any reduction in the Purchase PriceConsideration, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer Purchaser and Seller have not reached a mutually acceptable agreement as to those matters, Buyer Purchaser within thirty ten (3010) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer Purchaser and Seller shall have no further rights or obligations to one another under this Agreement except as set forth in Section 6.9Agreement, and Escrow Holder shall immediately return the Deposits (with interest thereon) to Purchaser. BuyerPurchaser's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a material portion of the Property or all of it, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10) days after Buyer's receipt of such notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be and any reduction in the Purchase Price, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty (30) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-in- lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement except as set forth in Section 6.9Agreement. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Taking. If prior to the Closing there is a material taking or threatened material taking of a material portion of the Property or all of it, Seller shall notify Buyer in writing of such taking or threatened taking, and within ten (10l0) days after Buyer's receipt of such notice, Seller and Buyer shall endeavor to agree upon whether the Property shall be purchased by Buyer, whether there shall be and any reduction in the Purchase Price, and whether there shall be any assignment of any condemnation award with respect to such taking. If within such ten (10) day period Buyer and Seller have not reached a mutually acceptable agreement as to those matters, Buyer within thirty (30) days thereafter may elect in writing to (i) continue this Agreement subject to the taking or threatened taking with an assignment of all of Seller's rights to condemnation awards, severance damages, payments-in-lieu thereof or the like; or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights or obligations to one another under this Agreement except as set forth in Section 6.9Agreement. Buyer's failure to have elected any of these options within the time period allotted therefor shall be deemed to be an election of option (ii).