Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to Close of Escrow, Seller will promptly inform Buyer in writing.
(a) If such proceedings involve the taking of title to all or a material interest in the Property, Buyer may elect to terminate this Agreement by notice in writing sent within 10 DAYS of Seller's written notice to Buyer, in which case neither party will have any further obligation to or rights against the other except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
(b) If the proceedings do not involve the taking of title to all or a material interest in the Property, or if Buyer does not elect to terminate this Agreement, this transaction will be consummated as described herein and any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer upon Close of Escrow.
(c) If this sale is not consummated for any reason, any condemnation award or settlement will belong to Seller.
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to a specific Branch or any part thereof (the "Affected Branch") are commenced prior to the Closing Date, Seller will promptly inform Buyer in writing.
(a) If such proceedings involve the taking of all of or a material interest in the Affected Branch, Buyer may elect to terminate this Agreement with respect to such Affected Branch by notice in writing sent within ten (10) calendar days of Seller's written notice to Buyer, in which case neither party will have any further obligation to or rights against the other with respect to the Affected Branch except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
(b) If the proceedings do not involve the taking of all of or a material interest in the Affected Branch, or if Buyer does not elect to terminate this Agreement as to the Affected Branch, this transaction will be consummated as described herein, and, subject to the Lease, if any, or other encumbrances, if any, relating to the Affected Branch, any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer on the Closing Date.
(c) If the Closing contemplated by this Agreement is not consummated for any reason, Buyer will have no claim to any condemnation award or settlement with respect to the Affected Branch.
Eminent Domain or Taking. If, before the Close of Escrow, any material portion of any Property is taken or if the access thereto or available parking area therefor is reduced or restricted, by eminent domain (or is the subject of a pending, threatened or contemplated taking which has not been consummated), Sellers shall immediately notify Buyer of such fact. In such event, Buyer shall have the option, in its sole and absolute discretion to (a) terminate this Agreement as to the affected Property or Properties by notice to Sellers, or (b) purchase the Properties without any reduction in the Purchase Price. Buyer's election shall be made by written notice to Sellers given not later than Close of Escrow. If Buyer does not exercise its option to terminate this Agreement, or if there has been a nonmaterial taking by eminent domain, neither party shall have the right to terminate this Agreement, but the Sellers shall assign and turn over, and the Buyer shall be entitled to receive and keep that portion of Sellers' condemnation award allocable to loss of use of the condemned Property for the period of time beginning 15 years after the Closing Date and the parties shall proceed to the Close of Escrow without modification of the terms of this Agreement and without any reduction in the Purchase Price or in the base rent payable under the applicable Lease. Unless or until this Agreement is terminated as to a condemned Property, Sellers shall take no action with respect to any eminent domain proceeding without the prior written consent of Buyer.
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to Close of Escrow, Seller will promptly inform Buyer in writing.
(a) If such proceedings involve the taking of title to all or a material portion of or interest in the Property, Buyer may elect to terminate this Agreement by notice in writing sent within 5 days of Seller’s written notice to Buyer, in which case the Deposit and any interest accrued thereon, less Buyer’s one-half share of cancellation costs, will be returned to Buyer, and neither party will have any further obligation to or rights against the other except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
(b) If the proceedings do not involve the taking of title to all or a material portion of or interest in the Property, or if Buyer does not elect to terminate this Agreement, this transaction will be consummated as described herein and any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer upon Close of Escrow.
(c) If this sale is not consummated for any reason, any condemnation award or settlement will belong to Seller.
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Real Property or any part thereof are commenced prior to Closing, Seller will promptly inform Buyer in writing.
15.1.1 If such proceedings involve the taking of title to all or, in Buyer’s reasonable business judgment, a material portion of the Real Property based on Buyer’s intended use for a school facility , Buyer may elect to terminate this Agreement by notice in writing sent within twenty (20) days following Seller's written notice to Buyer, in which case the Xxxxxxx Money Deposit, including any interest that may have accrued on any portion thereof in Escrow prior to its release, less Buyer's one-half share of the charges of the Title Company to cancel Escrow and to cancel title commitments, will be returned to Buyer, and neither party will have any further obligation to or rights against the other except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
15.1.2 If the proceedings do not involve the taking of title to all or, in Buyer’s reasonable business judgment, a material portion of the Real Property, or if Buyer does not elect to terminate this Agreement, this transaction will be consummated as described herein and any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer upon Closing.
15.1.3 If this sale is not consummated for any reason, any condemnation award or settlement will belong to Seller.
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to the Closing Date, Seller shall promptly inform Buyer in writing.
13.1.1 If such proceedings involve the taking of title to all or any Material (defined below) interest in the Property, Buyer may elect to terminate this Agreement by notice in writing sent within thirty (30) days of Seller's written notice to Buyer, in which case the Deposit, and any interest thereon, will be returned to Buyer and neither party shall have any further obligation to or rights against the other except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
13.1.2 If the proceedings do not involve the taking of title to all or a Material interest in the Property or if Buyer does not elect to terminate this Agreement, this transaction will be consummated as described in this Agreement and any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer upon the Closing.
13.1.3 For purposes of this Section 13.1, "Material" shall mean a taking which Buyer reasonably determines materially and adversely affects the value or operations of the Property, and which is not less than Fifty Thousand Dollars ($50,000).
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to the Closing Date, Seller shall promptly inform Buyer in writing.
13.1.1 Except with respect to de minimis takings that have no material adverse effect on the earnings or operation of the Property (as determined by Buyer in its reasonable discretion), Buyer may elect to terminate this Agreement by notice in writing sent within fifteen (15) Business Days of Seller’s written notice to Buyer, in which case the Deposit and any interest thereon, will be returned to Buyer and neither party hereto shall have any further obligation to or rights against the other except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
13.1.2 If Buyer does not elect to terminate this Agreement, this transaction will be consummated as described in the Agreement and any award or settlement payable with respect to such proceeding and not previously applied to the restoration of the Property will be paid or assigned to Buyer at Closing.
Eminent Domain or Taking. If, prior to the Close of Escrow, any portion of the Property is taken or if the access thereto or available parking area therefor is materially reduced or restricted by eminent domain or otherwise (or is the subject of a pending, threatened or contemplated taking which has not been consummated), Seller, if Seller has actual knowledge thereof, shall immediately notify Buyer of such fact. In such event, Buyer shall have the option, in its sole and absolute discretion, to terminate this Agreement upon written notice to Seller given not later than ten (10) days after Buyer receives notice of such taking. If this Agreement is terminated, Escrow Holder shall promptly return to each party all funds and documents deposited by that party, respectively, into Escrow and neither party shall have any further rights or obligations hereunder, except the payment of escrow cancellation fees and title costs, which shall be borne equally by the parties and indemnity obligations established under this Agreement. If Buyer does not exercise its option to terminate this Agreement, neither party shall have the right to terminate this Agreement based on such taking or threatened taking, but Seller shall assign to Buyer, and Buyer shall be entitled to receive and keep as its sole and exclusive remedy, all awards for the taking by eminent domain which accrue to Seller and the parties shall proceed to the Close of Escrow pursuant to the terms hereof, without modification of the terms of this Agreement and without any reduction in the Purchase Price.
Eminent Domain or Taking. If, prior to the Close of Escrow, any material portion of the Real Property or Improvements is taken by eminent domain or otherwise, Seller shall immediately notify Buyer of such fact. If such taking is “material,” Buyer shall have the option, in its sole discretion, to terminate this Agreement upon written notice to Seller given not later than ten (10) days after receipt of Seller’s notice. If this Agreement is terminated pursuant to this Section, the provisions of Section 6(c) shall govern. If Buyer does not exercise this option to terminate this Agreement, or if there has not been a material taking by eminent domain or otherwise to give rise to such option, neither party shall have the right to terminate this Agreement, but the Seller shall assign and turn over, and the Buyer shall be entitled to receive and keep, all awards for the taking by eminent domain which accrue to Seller and the parties shall proceed to the Close of Escrow pursuant to the terms hereof, without modification of the terms of this Agreement and without any reduction in the Purchase Price. For the purpose hereof, “material” shall be deemed to be any diminution in the value of the Property as a result of a taking by eminent domain or otherwise which exceeds two million and 0/100ths Dollars ($2,000,000.00).
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to the Closing Date, Seller shall promptly inform Buyer in writing.
13.1.1 f such proceedings involve the taking of title to all or any Material (defined below) interest in the Property, Buyer may elect to terminate this Agreement by notice in writing sent within thirty (30) days of Seller's written notice to Buyer, in which case the Deposit, and any interest thereon, will be returned to Buyer and neither party shall have any further obligation to or rights against the other except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
13.1.2 If the proceedings do not involve the taking of title to all or a Material interest in the Property or if Buyer does not elect to terminate this Agreement, this transaction will be consummated as described in this Agreement and any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer upon the Closing.
13.1.3 For purposes of this Section 13.1, "Material" shall mean a taking which Buyer reasonably determines materially and adversely affects the value or operations of the Property.
