Fire or Other Casualty; Condemnation. 11.1 If during the term of this Lease the leased premises shall be damaged or destroyed by fire or other casualties so that the premises shall thereby be rendered unfit for use or occupation, Lessor shall have the option to either (a) repair such damage with all reasonable diligence and restore the premises to substantially the condition immediately prior to such event, and until such premises have been duly repaired and restored the rent herein reserved, or a just and proportionate part thereof according to the nature and extent of the injury which has been sustained shall be abated, or (b) Lessor may terminate this lease and end the term hereof, and in case of such termination and cancellation the rent shall be paid to the date of such fire or other casualty and all other further obligations on the part of either party hereto shall cease. Lessor is required to notify Lessee of whether it will repair or terminate within thirty (30) days of the date of such damage or destruction. Provided, however, that in the event the premises are not so restored within on hundred eighty (180) days after the occurrence, Lessee may, at its option, terminate this lease.
11.2 Lessee shall be entitled in any full or partial taking by eminent domain to take that portion of the net award representing payment for Xxxxxx's leasehold interest, trade fixtures, moving expenses or business interruption. All amounts paid pursuant to an agreement with a condemning authority in connection with any taking shall be deemed to constitute an award on account of such taking. Xxxxxx agrees that this Lease shall control rights of Xxxxxx and Xxxxxx in any such award, and any contrary provision of any present or future law is hereby waived. If any taking shall result in Lessee being deprived of space in excess of 5 percent of the space then leased to Xxxxxx, Lessee shall have the right on thirty (30) days advance written notice, to terminate the obligations hereunder effective as of such taking. If Xxxxxx continues occupancy following a partial taking, rent will be adjusted of a pro-rata basis for the remainder of the lease term.
Fire or Other Casualty; Condemnation. If the Property and/or the Building, or any part thereof affecting more than ten percent (10 %) of its value, is damaged by fire or other casualty prior to the date of Closing, at Purchaser’s option, Purchaser may take title to the Property without abatement of the Purchase Price, or Purchaser may cancel this Agreement and Purchaser’s deposit shall be returned to Purchaser. If Purchaser cancels this Agreement, the Agreement shall be deemed null, void and of no legal effect.
Fire or Other Casualty; Condemnation. 11.1 Seller agrees (a) to maintain Seller’s Casualty Insurance in full force and effect through the Closing, and (b) to give Purchaser reasonably prompt notice of any fire or other casualty occurring at the Property of which Seller obtains knowledge, between the date hereof and the date of the Closing, or of any actual or threatened condemnation of all or any part of the Property of which Seller obtains knowledge.
11.2 If prior to the Closing there shall occur damage to a Unit or the Building caused by fire or other casualty, the Closing shall be adjourned for up to twenty (20) days (but in no event, later than the Outside Closing Date), or for such longer period (not to exceed sixty the earlier of (x) (60) days and (y) the Outside Closing Date) as may be reasonably required in order to permit (a) Purchaser’s architect or engineer to estimate the cost to repair or restore the Unit(s) to its condition immediately prior to such casualty (the “Estimated Repair Cost”) and (b) allow Seller and Purchaser to receive from either (A) the Board of Managers, as to loss covered by the insurance carried by the Condominium, or (B) the insurers under Seller’s Casualty Insurance (i) confirmation that such loss is an insured loss and (ii) an estimate of the amount of insurance proceeds payable in respect thereof (the items described in clauses (i) and (ii) being herein referred to as the “Insurer’s Loss Payable Statement”). If, prior to the Closing, a fire or other casualty causes damage to a Unit and/or the Building and either (1) the Estimated Repair Cost is $13,650,000 or more, (2) one or more Space Lessees occupying more than 25% of the rentable square feet of a Unit is entitled to terminate its Space Lease (which right has not been waived) or (3) the holder of the existing mortgage debt encumbering the relevant Unit does not agree to make all insurance proceeds payable in respect of such casualty available for repair or restoration of the Property (either of clauses (1), (2) or (3) being herein referred to as a “Material Casualty”) or there shall occur a taking by condemnation of any material portion of either Unit or the Building, then, and in either such event, Seller or Purchaser may elect to terminate this Agreement by written notice given to the other within (A) in the case of a fire or other casualty, ten (10) Business Days after receipt of the Insurer’s Loss Payable Statement, and (B) in the case of a condemnation, ten (10) Business Days after Seller has given ...
Fire or Other Casualty; Condemnation. If the Property or any part thereof is damaged by fire or other casualty prior to the date of Closing, the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall be permitted to retain all insurance proceeds paid or payable to Seller on account of such fire or casualty.
Fire or Other Casualty; Condemnation a. In the event of fire or other casualty in the Prime Leased Premises or the Subleased Premises, if the Subleased Premises is damaged so that it is reasonably estimated by a responsible contractor selected by Sublessee that fifty percent (50%) or more of the Subleased Premises will be untenantable and/or not usable by Sublessee for the purpose for which same have been subleased for a period of one hundred eighty (180) days or longer after such destruction, Sublessee shall so notify Sublessor in writing within five (5) days after Sublessee's receipt of notice of the estimated time to repair the Subleased Premises. Sublessee shall have the option to cancel this Sublease by delivery of written notice thereof to Sublessor within twenty-one (21) days after receipt of such notice. If Sublessee elects not to cancel this Sublease, the Rental herein shall proportionally abatx xxxreafter until such time as the affected portion of the Subleased Premises is made tenantable.
Fire or Other Casualty; Condemnation. 2 Section 17.01 Loss or Damage to Project 3 Section 17.02 Partial Loss or Damage to Project. 4 Section 17.03 Project Insurance Proceeds 5 Section 17.04 Notice of Loss or Damage to Project 7 ARTICLE XVIII. 8 MISCELLANEOUS 9 Section 18.01 Assignments 10 Section 18.02 Successors and Assigns 11 Section 18.03 Notices 12 Section 18.04 Severability 13 Section 18.05 Applicable Law and Construction 14 Section 18.06 Venue; Submission to Jurisdiction 15 Section 18.07 Agreement Not a Chapter 86- 191, Laws of Florida, 16 Development Agreement 17 Section 18.08 Complete Agreement; Amendments 18 Section 18.09 Captions 19 Section 18.10 Holidays 20 Section 18.11 Exhibits 21 Section 18.12 No Brokers 22 Section 18.13 Not an Agent of City 23 Section 18.14 Recording of Development Agreement 24 Section 18.15 No General Obligation 25 Section 18.16 Technical Amendments; Changes 26 Section 18.17 Term; Expiration Certificate 27 Section 18.18 Effective Date 28 Section 18.19 Approvals Not Unreasonably Withheld 29 2 LIST OF EXHIBITS 4 EXHIBIT DESCRIPTION 6 A Project Site 8 B Parcel Plan 10 C Developer’s Project Professionals 12 D Project Schedule 14 E Site Preparation Project Completion Certificate 16 F Public Improvements Budget 18 G Form of Sub-Lease 20 H Agreement Termination Certificate 22 I Agreement Expiration Certificate 1 2 DEVELOPMENT AGREEMENT 3 4 (Community Maritime Park Project) 6 This Development Agreement (the "Agreement") is made as of the Effective Date described in 7 Section 18.18 below by and between COMMUNITY MARITIME PARK ASSOCIATES, INC., a Florida not 8 for profit corporation ("CMPA"), and MARITIME PARK DEVELOPMENT PARTNERS, LLC, a Florida 9 limited liability company (“the Developer”).
Fire or Other Casualty; Condemnation. No Property or any portion thereof has been destroyed or damaged as a result of fire or any other casualty whatsoever, or has been taken by eminent domain or has any notice of any eminent domain proceeding with respect to such Property or any part thereof been issued.
Fire or Other Casualty; Condemnation. 11.1 Seller agrees (a) to maintain Seller’s Casualty Insurance in full force and effect through the Closing, and (b) to give Purchaser reasonably prompt notice of any fire or other casualty occurring at the Property of which Seller obtains knowledge, between the date hereof and the date of the Closing, or of any actual or threatened condemnation of all or any part of the Property of which Seller obtains knowledge.
11.2 If prior to the Closing there shall occur damage to the Building caused by fire or other casualty, the Closing shall be adjourned for up to twenty (20) days (but in no event, later than the Outside Closing Date), or for such longer period (not to exceed sixty the earlier of (x) (60) days and (y) the Outside Closing Date) as may be reasonably required in order to permit (a) Purchaser’s architect or engineer to estimate the cost to repair or restore the Building to its condition immediately prior to such casualty (the “Estimated Repair Cost”) and (b) allow Seller and Purchaser to receive from the insurers under Seller’s Casualty Insurance (i) confirmation that such loss is an insured loss and (ii) an estimate of the amount of insurance proceeds payable in respect thereof (the items described in clauses (i) and (ii) being herein referred to as the “
Fire or Other Casualty; Condemnation. 14.1 If the Property or any part thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of $1,500,000.00 to repair (as determined by an insurance adjuster selected by the insurance carriers), Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, except for the Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Escrow Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than $1,500,000.00, then the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's right, title and interest to the balance of insurance proceeds paid or payable to Seller on account of such
Fire or Other Casualty; Condemnation. 28
17.01 Loss or Damage to Project. 28 17.02 Partial Condemnation of Project or Project Site; Application of Proceeds. 28 18.01 Project Insurance Proceeds 29 18.02 Notice of Loss or Damage to Project 29 19.01 Notices 29 19.03 Applicable Law and Construction 29 19.04 Venue; Submission to Jurisdiction 29 19.05 Captions. 29 19.06 Holidays 29 19.07 Exhibits and Attachment 29 19.08 No Brokers 29 19.09 Not an Agent of City or Agency 29 19.10 No Recording 29 19.11 Public Purpose 29 19.12 No General Obligation 29 19.13 Disclaimer As To Governmental Authority 29 19.14 Term; Expiration 29 19.15 Approvals Not Unreasonably Withheld 29 19.16 Time of the Essence 29 19.17 Standing and Enforceability 29 19.18 Nonrecourse 29 19.19 Audit Right and Retention of Records 29 19.20 Public Records 29
