Common use of Entire Takings Clause in Contracts

Entire Takings. If there is a taking by condemnation or similar proceedings or actions of all of the Property or a portion of the Property which is material to the use of the remainder of the Property (as mutually determined by Sellers and Purchaser in their reasonable discretion), Purchaser will have the option to terminate this Agreement upon written notice to Sellers within 10 days of such condemnation, but in no event later than the Closing Date, and neither Purchaser nor Sellers will have any further rights or obligations hereunder except for Surviving Obligations. If Purchaser does not exercise its option to terminate this Agreement, then this Agreement will remain in full force and effect and Sellers must pay or assign to Purchaser at Closing all of Sellers’ interest in and to any and all condemnation awards or proceeds from such proceedings or actions in lieu thereof or to the extent such awards or proceeds relate to the Property. SECTION 10 – REPRESENTATIONS

Entire Takings. If there is a taking by condemnation or similar proceedings or actions of all of the Property or a portion of the Property which is material to the use of the remainder of the Property (as mutually determined by Sellers Seller and Purchaser in their reasonable discretion), Purchaser will have the option to terminate this Agreement upon written notice to Sellers Seller within 10 days of such condemnation, but in no event later than the Closing Date, and neither Purchaser nor Sellers Seller will have any further rights or obligations hereunder except for Surviving Obligations. If Purchaser does not exercise its option to terminate this Agreement, then this Agreement will remain in full force and effect and Sellers Seller must pay or assign to Purchaser at Closing all of Sellers’ Seller’s interest in and to any and all condemnation awards or proceeds from such proceedings or actions in lieu thereof or to the extent such awards or proceeds relate to the Property. SECTION 10 – REPRESENTATIONS.