Common use of Eminent Domain or Taking Clause in Contracts

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 proceedings under a power of eminent domain relating to a specific Branch Facility or any part thereof (the "Affected BranchTaking Facility") 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 BranchTaking Facility, Buyer may elect to terminate this Agreement with respect to such Affected Branch Taking Facility (but not the other Assets and Liabilities related thereto) 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 Taking Facility except with respect to the Deposits of such Facility and except any rights or obligations -41- -------------------------------------------------------------------------------- BRANCH PURCHASE AGREEMENT 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 BranchTaking Facility , or if Buyer does not elect to terminate this Agreement as to the Affected BranchTaking Facility, this transaction will be consummated as described herein, and, subject to the Lease, if any, or other encumbrances, if any, relating to the Affected BranchTaking Facility, 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 BranchTaking Facility.

Eminent Domain or Taking. If proceedings under a power of eminent domain relating to a specific the Branch or any part thereof (the "Affected Branch") are commenced prior to the Closing Date, the Seller will promptly inform the Buyer in writing. (a) If such proceedings involve the taking of all of or a material interest in the Affected Branch, the Buyer may elect to terminate this Agreement with respect to such Affected Branch by notice in writing sent within ten (10) calendar days of the Seller's written notice to the 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 the 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 the Buyer on the Closing Date. (c) If the Closing contemplated by this Agreement is not consummated for any reason, the Buyer will have no claim to any condemnation award or settlement with respect to the Affected Branch.

Eminent Domain or Taking. If proceedings under a power of eminent domain relating to a specific Branch the Property or any part thereof (the "Affected Branch") are commenced prior to the Closing DateClose of Escrow, Seller will shall promptly inform notify Buyer in writing.writing and the following terms shall apply: (a) If such proceedings involve the taking of title to all of or a material interest Material (as defined in Section 11.3 below) portion of the Affected BranchProperty, Buyer may elect to terminate this Agreement with respect to such Affected Branch by written notice in writing sent given within ten (10) calendar days of Seller's written notice to BuyerBuyer advising of such proceedings, in which case neither party will shall have any further obligation to or rights against the other with respect to the Affected Branch except any rights or obligations of either party hereunder, except for those which are expressly stated to survive termination of this AgreementAgreement or which are contained in Section 5.9. (b) If the proceedings do not involve the taking of title to all of or a material interest in Material portion of the Affected BranchProperty, or if Buyer does not elect to terminate this Agreement as to the Affected BranchAgreement, this transaction will shall be consummated as described herein, and, subject to the Lease, if any, or other encumbrances, if any, relating to the Affected Branch, in this Agreement and any award or settlement payable with respect to such proceeding will shall be paid or assigned to Buyer on the Closing Dateupon Close of Escrow. (c) If the Closing contemplated by this Agreement purchase and sale of the Property is not consummated for any reason, Buyer will have no claim to any condemnation award or settlement with respect shall belong solely to the Affected BranchSeller.

Eminent Domain or Taking. If proceedings under a power of eminent domain relating to a specific Branch the Property or any part thereof (the "Affected Branch") are commenced prior to the Closing DateClosing, Seller will promptly inform Buyer in writing. (a) If such proceedings involve the taking of title to all of or a material interest in the Affected BranchProperty, either Buyer or Seller may elect to terminate this Agreement with respect to such Affected Branch by notice in writing sent within ten (10) calendar 10 days of Seller's written notice to BuyerBuyer of such proceedings, in which case the Deposit and any interest accrued thereon, will be returned to Buyer, and 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 title to all of or a material interest in the Affected BranchProperty, or if neither Buyer does not elect nor Seller elects to terminate this Agreement as to the Affected BranchAgreement, 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, herein and any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer on the Closing Dateupon Closing. (c) If the Closing contemplated by this Agreement sale is not consummated for any reason, Buyer will have no claim to any condemnation award or settlement with respect will belong to Seller. (d) For purposes hereof, "material" is deemed to be eminent domain proceedings relating to 10% or more of the Affected BranchProperty or a loss that gives a tenant of the Property the right to cancel its lease or abate rent.