Eminent Domain and Casualty. If, during the term of this Agreement, any portion of the Property shall be taken by eminent domain, or is the subject of eminent domain proceedings threatened or commenced, or suffers a casualty, Seller shall promptly notify Purchaser thereof, and immediately provide Purchaser with copies of any written communication from any condemning authority. If any of said events occur with respect to a material portion of the Property which interferes substantially with Purchaser’s contemplated use, or damages a material portion of the improvements, then, in that event, Purchaser shall have the right to rescind this Agreement, in which event this Agreement shall become null and void and the Option Price shall be immediately returned to Purchaser (but not the interest earned on the Option Price). If any of said events occur and Purchaser still desires to close, then (a) if the transfer to the condemning authority takes place prior to Closing hereunder, the remainder of the Property shall be conveyed to Purchaser at Closing; (b) if the transfer to the condemning authority has not taken place prior to Closing, the entire Property shall be conveyed to Purchaser at Closing hereunder; (c) if Seller has received payment for such condemnation or taking prior to the Closing hereunder, or has received insurance proceeds prior to Closing the amount of such payment shall be a credit against the Purchase Price payable by Purchaser hereunder; or (d) if Seller has not received such payment at the time of Closing, Seller shall assign to Purchaser all claims and rights on account of such insurance or arising out of such taking.
Eminent Domain and Casualty. Should a substantial portion of the Site Space, or of the Site, be damaged by fire or other casualty, or be taken by eminent domain, Crown Castle may elect to terminate the license for any Site Space hereunder. When such fire, casualty, or taking renders the Site Space substantially unsuitable for its intended use, a just and proportionate abatement of the applicable monthly recurring charge shall be made, and Licensee may elect to terminate the license for the affected Site Space hereunder if: (a) Crown Castle fails to give written notice within forty-five (45) days after such fire, other casualty or taking, of Crown Castle’s intention to restore the Site Space, or (b) Crown Castle fails to restore the Site Space to a condition substantially suitable for its intended use within one hundred and eighty (180) days after said fire, casualty or taking. Crown Castle reserves, and Licensee grants to Crown Castle, all rights which Licensee may have for damages or injury to the Site Space for any taking by eminent domain, except for damage to the Licensee Equipment.
Eminent Domain and Casualty. Should a substantial portion of the Site Space, or of the Site, be damaged by fire or other casualty, or be taken by eminent domain, Company may elect to terminate the license for any Site Space hereunder. When such fire, casualty, or taking renders the Site Space substantially unsuitable for its intended use, a just and proportionate abatement of the applicable monthly recurring charge shall be made, and Licensee may elect to terminate the license for the affected Site Space hereunder if: (a) Company fails to give written notice within forty-five (45) days after such fire, other casualty or taking, of Company’s intention to restore the Site Space, or (b) Company fails to restore the Site Space to a condition substantially suitable for its intended use within one hundred and eighty (180) days after said fire, casualty or taking. Company reserves, and Licensee grants to Company, all rights which Licensee may have for damages or injury to the Site Space for any taking by eminent domain, except for damage to the Licensee Equipment.
Eminent Domain and Casualty. If, prior to the Closing, the entire Property is taken by eminent domain or proceedings have begun to so take the Property, the Agreement shall be deemed cancelled. If only part of the Property is so taken (or proceedings have begun), Buyer shall have the option of (a) proceeding with the Closing and acquiring the Property as affected by such taking (together with all compensation and damages awarded or the right to receive the same), or (b) canceling this Agreement. If Buyer elects option (a) above, Seller agrees to assign to Buyer at the Closing its rights to such compensation and damages, and will not settle any proceedings relating to such taking without Buyer’s prior written consent. Seller shall promptly notify Buyer of any actual or threatened condemnation affecting the Property. If, prior to the Closing, the Property or any part thereof, should be destroyed or damaged and the cost to repair same is reasonably estimated to be equal to or greater than $100,000, then Buyer shall have the option of (a) proceeding with the Closing and acquiring the Property subject to the damage, with a credit against the Purchase Price in the amount of the cost to repair and restore (as evidenced by two licensed contractors’ estimates produced one each by the Buyer and by the Seller, with the average of the two being taken as the amount of such
Eminent Domain and Casualty. Seller shall bear all risk of loss, damage or taking of the Project which may occur prior to Closing, as described in this Article. In the event that, prior to the Closing Date, all or any portion of the Project is damaged or destroyed to any extent by fire, earthquake, flood or other cause or casualty or shall have been affected by condemnation or taking by eminent domain, or shall be the subject of any condemnation proceeding of which Seller shall have received actual or constructive notice, or shall be sold by Seller in lieu thereof, Buyer shall have the option, but not the obligation, to accept the Project, or such title thereto as Seller can convey, in such condition as the Project or title may then be, with no reduction in the Purchase Price, but together with the right to receive the proceeds of any insurance or condemnation award or sale in lieu of such condemnation proceeding which shall have been or shall be made in connection with such damage, destruction, condemnation or taking, as the case may be. Such option must be exercised by Buyer by written notice to Seller within a reasonable time but in no event later than ten (10) days following receipt by Buyer of written notice from Seller of such damage, destruction, condemnation or taking, and if such option is not so exercised, this Agreement shall thereafter terminate. In the event of termination of this Agreement pursuant to this Section, the Xxxxxxx Money shall be promptly returned to Buyer and both Parties shall be relieved of all obligations hereunder which do not expressly survive termination of this Agreement.
Eminent Domain and Casualty. If the License Area or the Building should become unsuitable for use by Licensee at any time during the term of this License for any reason, including but not limited to fire, or any other casualty, enemy action, the elements, act of God, action of law or governmental regulation, or eminent domain, Owner shall not be required to restore the License Area or the Building so as to permit resumption of operation by Licensee, nor shall Owner be required to furnish Licensee with a substitute site for its Facilities. Should the License Area, or any essential part of such License Area be totally destroyed by fire or other casualty, this License shall immediately terminate; and, in the case of partial destruction, this License may be terminated by either party by giving written notice to the other, specifying the date of termination, such notice to be given within ninety (90) days following such partial destruction.
Eminent Domain and Casualty. With respect to any taking or damage to the Premises or the Building, Tenant expressly acknowledges and agrees that Landlord shall have no repair responsibility or liability, and Tenant shall not look to Landlord for the same, except to the extent to which Landlord is expressly liable for the same under Section 13.5(b) of the Main Lease. However, Landxxxx xxxees to use all reasonable efforts to enforce its rights and Overlandlord's obligations under the Main Lease in respect of any matter covered by this Article 13. Further, in the event that the Main Lease shall be terminated as a result of any taking, fire or other casualty or event described in Article 13 of the Main Lease, this Sublease shall similarly terminate immediately prior to the termination of the Main Lease, and Landlord shall have no liability or obligation to Tenant as a result of such termination.
Eminent Domain and Casualty. Should a substantial portion of the Site Space, or of the Site, be damaged by fire or other casualty, or be taken by eminent domain, Planet may elect to terminate the license for any Site Space hereunder. When such fire, casualty, or taking renders the Site Space substantially unsuitable for its intended use, a just and proportionate abatement of the applicable monthly recurring charge shall be made, and Licensee may elect to terminate the license for the affected Site Space hereunder if: (a) Planet fails to give written notice within forty-five (45) days after such fire, other casualty or taking, of Planet’s intention to restore the Site Space, or (b) Planet fails to restore the Site Space to a condition substantially suitable for its intended use within one hundred and eighty (180) days after said fire, casualty or taking. Planet reserves, and Licensee grants to Planet, all rights which Licensee may have for damages or injury to the Site Space for any taking by eminent domain, except for damage to the Licensee Equipment.
Eminent Domain and Casualty. 12 1.13. Mortgagee's Performance of Defaulted Acts; Subrogation...........................................13 1.14. Ownership of Property and Mortgagor's Interest..13 1.15. Assignment of Leases and Rents..................14 1.16.
Eminent Domain and Casualty. (a) In the event that title to, or the use of the Property or any part thereof shall be taken pursuant to eminent domain or condemnation proceedings, or by any settlement or compromise of such proceedings (each a "Taking"), Mortgagor shall give prompt written notice thereof to Mortgagee. All compensation received as a result of any Taking shall be paid to the Indenture Trustee to the extent required by the provisions of the Indenture and then, subject to the provisions of paragraph (c) hereof, to Mortgagee.
(b) Mortgagor shall give prompt written notice to Mortgagee of the occurrence of any material casualty and such occurrence shall not relieve Mortgagor of any of its obligations specified in the Loan Documents to which Mortgagor is a party. All compensation received as a result of any casualty shall be paid to the Indenture Trustee to the extent required by the provisions of the Indenture and then, subject to the provisions of paragraph (c) hereof, to Mortgagee.
(c) Upon the expiration or termination of the Indenture and continuing until the Maturity Date, Mortgagor shall enter into arrangements with Mortgagee which are substantially similar (as determined by Mortgagee) to those set forth in Section 6 of Article III, Section 3 of Article VIII and Article IX of the Indenture, as in effect on the date hereof.
