FIRE, CASUALTY AND CONDEMNATION Sample Clauses

FIRE, CASUALTY AND CONDEMNATION. The risk of loss, damage or destruction to the Property by fire or other casualty until the Closing is retained by Sellers, but without any obligation or liability by Sellers to repair or restore the Property. If at any time prior to Closing, any portion of the Property is destroyed or damaged as a result of (a) fire or any other casualty (hereinafter collectively referred to as “Casualty”), or (b) a taking in eminent domain or conveyance in lieu thereof (hereinafter referred to as “Taking”), Sellers shall promptly give written notice thereof (hereinafter referred to as the “Damage Notice”) to Buyer, including a statement by Sellers of its estimate (hereinafter referred to as the “Estimate”) of the cost of fully repairing and restoring the Property (to the extent practicable) to the condition which existed prior to the Casualty or Taking, as the case may be, as well as the timetable for completing such repairs and restoration. If there shall be any damage to, or destruction of, the Property as a result of a Casualty or Taking prior to the Closing and such damage, according to the Estimate, shall cost in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) to repair or shall take longer than three (3) months to repair and restore fully, or, in the case of a Taking, which would cause the Property (y) no longer to comply with zoning requirements or the Leases, (z) no longer to have access to a publicly-dedicated and maintained right-of-way for vehicular and pedestrian access, Buyer shall have the right to terminate this Contract by providing written notice to the Sellers within fifteen (10) business days after Buyer’s receipt of the Damage Notice from Sellers. Upon such termination, all claims and obligations of the Parties, except as otherwise expressly provided herein, shall be immediately released and discharged. If Buyer does not elect to terminate this Contract in accordance with the foregoing terms of this Section 14, there shall be no abatement in the Purchase Price (except, however, Buyer shall receive at Closing a credit equal to Sellers’s deductible and the cost of repair of any uninsured damage), and in lieu of any such abatement, Sellers shall execute, acknowledge and deliver to Buyer at the Closing, in counterparts, an assignment, expressly made without representation or warranty by Sellers and without recourse to Sellers, of Sellers’s interest in any net insurance or condemnation proceeds (that is, after expense of collection) w...
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FIRE, CASUALTY AND CONDEMNATION. A. The risk of loss, damage or destruction to the Property by fire or other casualty until the Closing is retained by Seller, but without any obligation or liability by Seller to repair or restore the Property. Seller shall maintain in effect through the Closing Date, policies of fire and casualty insurance in an amount equal to the Purchase Price, less a deductible (hereinafter referred to as the "Deductible" in the amount of not more than Fifty Thousand ($50,000), with a replacement cost endorsement.
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FIRE, CASUALTY AND CONDEMNATION. If the Premises becomes unusable, in part or totally, because of fire, accident or other casualty, this Lease Agreement will continue unless terminated by Landlord or any Tenant pursuant to this Lease Agreement, but the Monthly Premises Rents will be abated in proportion to the portion of the Premises rendered untenable and such abatement shall continue until Tenant if notified that the Premises has been repaired and may be reoccupied. Landlord will repair and restore the Premises, unless Xxxxxxxx decides to take actions described in paragraph C below. If the Premises is completely unusable because of fire, accident or other casualty and it is not repaired in thirty (30) days, any Tenant may give Landlord written notice that he or she terminates this Lease Agreement. If a Tenant gives such notice, this Lease Agreement shall terminate with respect to that Tenant on the day that the fire, accident or casualty occurred. Xxxxxxxx will refund that Xxxxxx’s security deposit and the pro-rata portion of Monthly Premises Rents paid for the month in which the casualty happened. If Landlord elects to terminate the Lease pursuant to any of the provisions thereof on account of a fire or other casualty or on account of a condemnation, then this Lease Agreement shall automatically terminate and expire upon the termination of the Lease. If Landlord has the right to terminate the Lease pursuant to any of the provisions thereof on account of a fire or other casualty or on account of a condemnation, then (i) Landlord may exercise such right or not in Landlord’s sole discretion and (ii) if Landlord so elects to terminate the Lease, this Lease Agreement and the Lease granted herein shall automatically terminate and expire upon the termination of the Lease.
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FIRE, CASUALTY AND CONDEMNATION. In the event that the premises demised to ------------------------------- the Lessee shall, during said term or any extension thereof, be damaged by fire or other unavoidable casualty, then and in such event, the rent hereinbefore reserved, or a just proportionate part thereof, according to the nature and extent of the injury sustained, shall be suspended or abated until said premises shall have been restored by the Lessor. In the event that fifty (50%) percent of the buildings, of which the premises are a part, shall be destroyed or damaged by fire, or there shall be any like destruction or damage to the said buildings by taking by any public authorities for public uses, then, in the happening of either of said events, the rent hereinbefore reserved shall xxxxx, and the Lessor or the Lessee may, at their option, within twenty (20) days of such taking or damage or destruction, terminate this Lease. In the event that the within Lease is not terminated as aforesaid, the Lessor shall forthwith restore said premises to the same condition as they were in before said taking or fire; and until such time as the premises are restored, there shall be an abatement of rent.
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FIRE, CASUALTY AND CONDEMNATION. Notwithstanding anything to the contrary contained in this Sublease or in the Prime Lease, Subtenant shall not have the right to terminate this Sublease as to all or any part of the Subleased Premises, or be entitled to an abatement of Base Rent or any other item of rental, by reason of fire or other casualty or by condemnation or taking in any manner for any public or quasi-public use affecting the Subleased Premises unless Sublandlord is entitled to terminate the Prime Lease or is entitled to a corresponding abatement with respect to its corresponding obligation under the Prime Lease. If Sublandlord is entitled to terminate the Prime Lease for all or any portion of the Subleased Premises by reason of casualty or condemnation, Subtenant may terminate this Sublease as to any corresponding part of the Subleased Premises by written notice to Sublandlord given at least fifteen (15) business days prior to the date(s) Sublandlord is required to give notice to Prime Landlord of such termination under the terms of the Prime Lease (provided Subtenant has received reasonable advance notice of such date(s)).
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FIRE, CASUALTY AND CONDEMNATION. A. If the Apartment becomes unusable, in part or totally, because of fire, accident or other casualty, this Lease will continue unless terminated by Landlord or any Tenants pursuant to this Lease. However, the Monthly Rents will be reduced immediately. This reduction will be based upon the part of the Apartment that is unusable.
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Related to FIRE, CASUALTY AND CONDEMNATION

  • Casualty and Condemnation The Borrowers will (a) furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents.

  • Insurance Casualty and Condemnation 38 Section 6.1. Insurance Coverage...............................................38 Section 6.2. Condemnation.....................................................45

  • CASUALTY LOSS AND CONDEMNATION If, prior to Closing, the Property or any part thereof shall be condemned, or destroyed or materially damaged by fire or other casualty (that is, damage or destruction which Purchaser reasonably believes could be in excess of $25,000.00), Purchaser shall have the option either to terminate this Agreement or to consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or material damage. If the Purchaser elects to consummate the transaction contemplated by this Agreement and if the Seller, as of the Closing Date, has not received the insurance proceeds or condemnation proceeds related to such damage, destruction or condemnation, then Seller, at Closing, shall assign all insurance claims pertaining to such damage or destruction and all rights to condemnation proceeds to Purchaser by executing and delivering to Purchaser all required proofs of loss, assignments of claim and/or proceeds and other similar items. If the Purchaser elects to consummate the transaction contemplated by this Agreement and if the Seller, as of the Closing Date, has received the insurance proceeds or condemnation proceeds related to such damage, destruction or condemnation, then Seller, at Closing, shall allow Purchaser a credit against the Purchase Price in an amount equal to the amount of insurance proceeds (together with an amount equal to any deductible(s) and uninsured amounts) or condemnation proceeds received by the Seller prior to Closing. If Purchaser elects to terminate this Agreement, this Agreement shall, without further action of the parties, become null and void and neither party shall have any rights or obligations under this Agreement, except for those obligations which specifically survive termination of this Agreement. If there is any other damage or destruction (that is, damage or destruction which Purchaser reasonably believes could be $25,000.00 or less) to the Property or any part thereof, Seller shall either repair such damage prior to Closing or, at Purchaser's option, either assign all insurance claims pertaining to such damage or destruction to Purchaser by executing and delivering to Purchaser at Closing and thereafter all required proofs of loss, assignments of claims and other similar items or allow Purchaser a credit against the Purchase Price in an amount equal to the reasonably estimated cost of a repair. If Purchaser elects to take an assignment of all insurance claims as provided for in this Section 6, Purchaser shall receive at Closing a credit against the Purchase Price in an amount equal to any deductible(s) and uninsured amounts applicable thereto.

  • Condemnation and Casualty If, prior to the Closing Date, all or any portion of the Property is taken by condemnation or eminent domain, or is the subject of a pending taking which has not been consummated, or is destroyed or damaged by fire or other casualty, Seller shall notify Purchaser of such fact promptly after Seller obtains knowledge thereof. If such condemnation or casualty is "Material" (defined below), Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than fifteen (15) days after receipt of Seller's notice, or the date of the Closing, whichever is earlier. If this Agreement is terminated, the Deposit shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further rights or obligations to the other hereunder except as otherwise provided in this Agreement. If this Agreement is not terminated, Seller shall not be obligated to repair any damage or destruction but: (x) Seller shall assign, without recourse, and turn over to Purchaser all of the insurance proceeds or condemnation proceeds, as applicable, net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty or condemnation including any rent abatement insurance for such casualty or condemnation; and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.

  • Damage Destruction and Condemnation In the event that at any time during the Term the whole or part of the Facility shall be damaged or destroyed, or taken or condemned by a competent authority for any public use or purpose, or by agreement to which the Lessee and those authorized to exercise such right are parties, or if the temporary use of the Facility shall be so taken by condemnation or agreement (a “Loss Event”):

  • Insurance and Condemnation (i) The Issuer shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort to (A) maintain one or more policies of “all-risk” property and general liability insurance with financially sound and reputable insurers, providing coverage in scope and amount which (x) satisfies the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction; and (B) apply the proceeds of any such insurance policies in the manner specified in the relevant declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA. For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POAs in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime.

  • Condemnation or Casualty In the event of: a taking or threatened taking by condemnation or other exercise of eminent domain of all or a portion of the Mortgaged Property (collectively, a "Taking"); or the occurrence of a fire or other casualty resulting in damage to all or a portion of the Mortgaged Property (collec­tively, a "Casualty"), at any time or times when the Senior Security Instrument remains a lien on the Mortgaged Property the following provisions shall apply:

  • Condemnation/Eminent Domain In the event the whole of the Premises, and/or such part thereof as shall substantially interfere with Tenant’s use and occupation thereof, shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, then Landlord and Tenant shall each have the right to terminate this Lease (by written notice to the other given no later than 10 days after Landlord notifies Tenant of such taking) effective as of the date possession is required to be surrendered to said authority. In the event any access points to adjoining streets, shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, and such taking shall substantially interfere with Tenant’s use of the Premises, then Landlord or Tenant shall each have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority. Except as provided below, Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant in the Premises. Nothing contained in this Article 12 shall be deemed to give Landlord any interest in any separate award made to Tenant for the taking of personal property and fixtures belonging to Tenant or for Tenant’s moving expenses. In the event the amount of property or the type of estate taken shall not substantially interfere with the conduct of Tenant’s business, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant, Landlord shall promptly proceed to restore the Building to substantially their same condition prior to such partial taking less the portion thereof lost in such condemnation (but in no event shall Landlord be obligated to incur costs in such restoration in excess of the amount of the award paid to Landlord, after deducting Landlord’s reasonable costs in connection therewith), and the Base Rent shall be proportionately reduced by the time during which, and the portion of the Premises which, Tenant shall have been deprived of possession on account of said taking and restoration.

  • Insurance Casualty Condemnation Seller agrees that it will keep the Property insured against casualty until the Closing Date under its existing insurance policies or replacement policies with the same coverage as existing at the date of execution hereof. Such policies shall be terminated by Seller at the Closing Date. In the event that, prior to the Closing Date, all or any portion of the Property shall be destroyed by fire or other casualty, or taken by condemnation or exercise of the right of eminent domain, or if proceedings therefor shall be instituted or threatened and the amount of any such damage or condemnation exceeds $100,000, then Buyer may, within ten (10) days of its receipt of notice of such event, elect to terminate this Agreement by written notice to Seller and Escrow Agent. If the damage or condemnation is equal to or less than $100,000 or if the damage or condemnation exceeds $100,000 but Buyer does not terminate this Agreement, then the parties shall proceed to close the transaction contemplated hereby, in which event any insurance or condemnation proceeds (excluding rental loss proceeds attributable to the period prior to the Closing Date) shall inure to the benefit of Buyer and shall be assigned by Seller to Buyer at close of Escrow. In the event the parties proceed to close the transaction contemplated hereby, Seller shall pay any required deductible applicable to such insurance coverage, or the Purchase Price shall be reduced by the amount of any such deductible.

  • Insurance and Condemnation Proceeds (a) Subject to Landlord's rights under this Paragraph 4, and so long as no Event of Default shall have occurred and be continuing, Tenant shall be entitled to use all casualty insurance and condemnation proceeds payable with respect to the Leased Property during the Term for the restoration and repair of the Leased Property or any remaining portion thereof. Except as provided in the last sentence of subparagraph 9.(r) and the last sentence of subparagraph 9.(s), all insurance and condemnation proceeds received with respect to the Leased Property (including proceeds payable under any insurance policy covering the Leased Property which is maintained by Tenant) shall be paid to Landlord and applied as follows: (i) First, such proceeds shall be used to reimburse Landlord for any costs and expenses, including Attorneys' Fees, incurred in connection with the collection of such proceeds. (ii) Second, the remainder of such proceeds (the "Remaining Proceeds"), shall be held by Landlord as Escrowed Proceeds and applied to reimburse Tenant for the actual cost of the repair, restoration or replacement of the Leased Property. However, any Remaining Proceeds not needed for such purpose shall be applied by Landlord as Qualified Payments after Tenant notifies Landlord that they are not needed for repairs, restoration or replacement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, then Landlord shall be entitled to receive and collect insurance or condemnation proceeds payable with respect to the Leased Property, and either, at the discretion of Landlord, (A) hold such proceeds as Escrowed Proceeds until paid to Tenant as reimbursement for the actual and reasonable cost of repairing, restoring or replacing the Leased Property when Tenant has completed such repair, restoration or replacement, or (B) apply such proceeds (net of the deductions described in clause (i) above) as Qualified Payments.

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