Common use of Eminent Domain and Casualty Clause in Contracts

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. 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 prior 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 is taken by eminent domain or proceedings have begun to so take the Property, the Agreement shall be conveyed 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 Purchaser receive the same), or (b) canceling this Agreement. If Buyer elects option (a) above, Seller agrees to assign to Buyer at the Closing hereunder; (c) if its rights to such compensation and damages, and will not settle any proceedings relating to such taking without Buyer’s prior written consent. Seller has received payment for such shall promptly notify Buyer of any actual or threatened condemnation or taking 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 hereunderand acquiring the Property subject to the damage, or has received insurance proceeds prior to Closing the amount of such payment shall be with a credit against the Purchase Price payable in the amount of the cost to repair and restore (as evidenced by Purchaser hereunder; 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 credit) in which case the Seller shall be entitled to the insurance proceeds or (db) if cancelling this Agreement. If the cost to repair, as determined in accordance with the foregoing, is less than $100,000 then Buyer shall not have the right to cancel this Agreement by virtue of such damage and Buyer shall be entitled to a credit in the amount of the cost to repair, as determined in accordance with the foregoing provisions. If this Agreement is cancelled pursuant to this Section 10, then (i) Buyer shall return to Seller has all original materials supplied by Seller (and not received such payment at the time of Closing, Seller shall assign to Purchaser all claims and rights supplied by email or via internet site) on account of such insurance this transaction and shall also deliver to Seller, without warranty or arising out representation of such takingany kind, copies of all studies and reports obtained by Buyer with regard to the physical characteristics of the Property, (ii) the parties shall have no further liability to one another except Buyer’s indemnification obligation under Section 4.2 above, and (iii) the Deposit and all interest earned thereon shall be promptly (i.e., no later than two (2) business days from notice to the Title Company) returned to Buyer.

Eminent Domain and Casualty. If(a) In the event Seller receives any notice of any condemnation proceedings, during or other proceedings in the term nature of eminent domain relating to the Property, it will forthwith send a copy of such notice to Buyer. If all or any part of the Property is taken by eminent domain prior to Closing, Buyer may, upon written notice to Seller, elect to cancel this Agreement and neither party shall have any further rights, liabilities or obligations hereunder (except with respect to those obligations hereunder which survive the termination of this Agreement), and Seller shall cause the return of the Deposit to Buyer. In the event of any such taking or notice thereof, unless Xxxxx completes Closing and pays the Purchase Price, all awards and just compensation payable as a result of such taking shall be the Property of Seller. (b) If all or any portion of the Property shall be taken is destroyed or damaged by eminent domain, fire or is other casualty materially and adversely affecting 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 conservation values of the Property which interferes substantially with PurchaserProperty, Buyer may cancel this Agreement by notice to Seller within fourteen (14) days after receipt of Seller’s contemplated use, or damages a material portion notice of the improvements, then, in casualty. In that event, Purchaser all insurance proceeds and other claims for damage shall be the Property of Seller. Unless Buyer terminates this Agreement as provided in the second preceding sentence, Buyer shall complete Closing and pay the full Purchase Price to Seller without abatement, and Seller shall assign all rights to insurance proceeds to Buyer less such sums, if any, as shall have been actually and reasonably incurred by Seller or expended by Seller in connection with the repair or restoration of such fire or other casualty or the prosecution of such claim. Notwithstanding the provisions of this Section 7(b) or otherwise, the Seller shall have the right right, at Seller’s expense, to rescind this Agreement, in which event this Agreement shall become null demolish and void remove all buildings and the Option Price shall be immediately returned to Purchaser (but not the interest earned structures 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. IfIn the event between the Effective Date and the Closing Date, during the term of this Agreement, all or any portion of the Property shall be taken by eminent domain, or is shall become the subject of eminent domain proceedings threatened or commenced, commenced or suffers a the improvements located on the Property shall be destroyed or materially damaged by fire or other casualty, Seller shall promptly immediately notify Purchaser thereof, and immediately provide Purchaser with copies of any written communication communications from any condemning authorityauthority or details of the casualty, as appropriate. If any of said events occur with respect Purchaser shall notify Seller in writing within ten (10) business days following Seller's notice described above, of Purchaser's intent to a material portion of terminate this Agreement and have the Property which interferes substantially with Xxxxxxx Money returned to Purchaser’s contemplated use, or damages a material portion of the improvements, then, in that event, Purchaser shall have the right to rescind proceed to closing 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)transaction. If any of said events occur and Purchaser still desires elects to closeconsummate this transaction, 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 takingtaking and (e) in the event of a fire or other casualty, Seller will credit the Purchaser with any amount received from insurance or other parties as a result of such 9 casualty, assign Seller's rights to Purchaser in and to any insurance proceeds or third-party claims and credit Purchaser with any self-retained or deductible amounts.