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 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 Real Property Branches or any part thereof are commenced prior to Closingthe Closing Date, Seller will promptly inform Buyer in writing. 15.1.1 (a) If such proceedings involve the taking of title to all or, in Buyer’s reasonable business judgment, of or a material portion of interest in the Real Property based on Buyer’s intended use for a school facility Branches, the Buyer may elect to terminate this Agreement by notice in writing sent within twenty ten (2010) calendar days following of Seller's ’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 with respect to the Branches except any rights or obligations of either party which are expressly stated to survive termination of this Agreement. 15.1.2 (b) If the proceedings do not involve the taking of title to all or, in Buyer’s reasonable business judgment, of or a material portion of interest in the Real PropertyBranches, or if the Buyer does not elect to terminate this AgreementAgreement as to the Branches, this transaction will be consummated as described herein and herein, and, subject to the Branch Premises Lease Agreement, or other encumbrances, if any, relating to the Branches, any award or settlement payable with respect to such proceeding will be paid or assigned to the Buyer upon Closingon the Closing Date. 15.1.3 (c) If the Closing contemplated by this sale Agreement is not consummated for any reason, the Buyer will have no claim to any condemnation award or settlement will belong with respect to Sellerthe Branches.

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 Xxxxx 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.