Common use of Eminent Domain or Taking Clause in Contracts

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 Property or any part thereof are commenced prior to Close 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 or a material Material (as defined in Section 11.3 below) portion of or interest in the Property, Buyer may elect to terminate this Agreement by written notice in writing sent given within 5 ten (10) days of Seller’s 's written notice to BuyerBuyer advising of such proceedings, 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 shall have any further obligation to or rights against the other 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 or a material Material portion of or interest in the Property, or if Buyer does not elect to terminate this Agreement, this transaction will shall be consummated as described herein in this Agreement and any award or settlement payable with respect to such proceeding will shall be paid or assigned to Buyer upon Close of Escrow. (c) If this the purchase and sale of the Property is not consummated for any reason, any condemnation award or settlement will shall belong solely 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 Close of Escrow, Seller will shall promptly inform Buyer Xxxxx 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 10 business days of Seller’s written notice to Buyer, in which case the Deposit all funds deposited by Buyer into Escrow and any interest accrued thereon, less Buyer’s one-half share of cancellation costsescrow fees, will be returned to Buyer, Buyer and neither party will 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. (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 shall 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 Close of Escrow, Seller will shall promptly inform Buyer Xxxxx in writing. (a) If such proceedings involve the taking of title to all of the Property, or of a material portion of of, or interest in the Property, then Buyer may elect to terminate this Agreement by with written notice in writing sent given within 5 ten (10) business days of Seller’s written notice to Buyer, in which case the Deposit this Agreement and any interest accrued thereon, less Buyer’s one-half share of cancellation costs, will be returned to BuyerEscrow shall terminate, and neither party will shall have any further obligation to or rights against the other party hereunder except for 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 the Property, or of a material portion of of, or interest in the Property, or if Buyer does not elect to terminate this Agreement, this transaction will shall be consummated as described herein and any award or settlement payable with respect to such proceeding will shall be paid or assigned from Seller to Buyer upon the Close of Escrow. (c) If this sale is not consummated for any reason, any condemnation award or settlement will shall belong to Seller, subject to the terms of the Lease.

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 Escrowthe Closing Date, Seller will shall promptly inform Buyer in writing. (a) 13.1.1 If such proceedings involve the taking of title to all or a material portion of or any Material (defined below) interest in the Property, Buyer may elect to terminate this Agreement by notice in writing sent within 5 ten (10) business days of Seller’s 's written notice to Buyer, in which case the Deposit Deposit, and any interest accrued thereon, less Buyer’s one-half share of cancellation costs, will shall be returned to Buyer, Buyer without any further instructions from Seller and neither party will 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. (b) 13.1.2 If the proceedings do not involve the taking of title to all or a material portion of or Material interest in the Property, Property or if Buyer does not elect to terminate this Agreement, this transaction will be consummated as described herein in this Agreement and any award or settlement payable with respect to such proceeding will be paid or assigned to Buyer upon Close of Escrowthe Closing. (c) If 13.1.3 For purposes of this sale is not consummated for any reasonSection 13.1, any condemnation award "Material" shall mean a taking which Buyer reasonably determines materially and adversely affects the value or settlement will belong to Selleroperations of the Property.