Common use of Loss due to Condemnation Clause in Contracts

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and prior to the Closing Date, if all or a Substantial Portion of the Real Property is taken, either party may, upon written notice to the other party given within ten (10) days of receipt of notice of such event, cancel this Agreement, in which event Seller shall instruct the Escrow Agent to return the Deposit to Buyer, this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants. In the event that neither party elects to terminate, or if the condemnation affects less than a Substantial Portion or does not affect the building or parking area, then this Agreement shall remain in full force and effect, and Seller shall be entitled to all monies received or collected by reason of such condemnation prior to closing. In such event, the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney’s fees, which are received by Seller by reason of such condemnation prior to the Closing Date. If the condemnation proceeding shall not have been concluded prior to the Closing Date, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to Buyer. For purposes of this Section 7.1, a “Substantial Portion” shall mean a condemnation of any portion of (i) the building or (ii) the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lot.

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and prior to the Closing Date, if of all or a Substantial Portion of the Real Property which condemnation shall or would render a Substantial Portion of the Real Property untenantable, or if any portion of the building or parking area is taken, either party may, upon written notice to the other party given within ten (10) 10 days of receipt of notice of such event, cancel this Agreement, in which event Seller shall instruct the Escrow Agent Title Company to return the Deposit to BuyerPurchaser, this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants. In the event that neither party elects to terminate, or if the condemnation affects less than a Substantial Portion or does not affect the building or parking area, then this Agreement shall remain in full force and effect, and Seller shall be entitled to all monies received or collected by reason of such condemnation prior to closing. In such event, the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney’s 's fees, which are received by Seller by reason of such condemnation prior to the Closing Dateclosing. If the condemnation proceeding shall not have been concluded prior to the Closing Dateclosing, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to Buyer. For purposes of this Section 7.1, a “Substantial Portion” shall mean a condemnation of any portion of (i) the building or (ii) the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lot.pending

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and prior to the Closing Date, if of all or a Substantial Portion of the Real Property which condemnation shall or would render a Substantial Portion of the Real Property untenantable, or if any portion of the building or parking area is taken, either party may, upon written notice to the other party given within ten (10) 10 days of receipt of notice of such event, cancel this Agreement, in which event Seller shall instruct the Escrow Agent Title Company to return the Deposit to BuyerPurchaser, this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants. In the event that neither party elects to terminate, or if the condemnation affects less than a Substantial Portion or does not affect the building or parking area, then this Agreement shall remain in full force and effect, and Seller shall be entitled to all monies received or collected by reason of such condemnation prior to closing. In such event, the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney’s 's fees, which are received by Seller by reason of such condemnation prior to the Closing Dateclosing. If the condemnation proceeding shall not have been concluded prior to the Closing DateClosing, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to Buyer. For purposes of this Section 7.1, a “Substantial Portion” shall mean a condemnation of any portion of (i) the building or (ii) the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lot.pending

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and prior to the Closing Date, if of all or a Substantial Portion (as hereinafter defined) of the Real Property which condemnation shall or would render a Substantial Portion of the Real Property untenantable, or if any portion of the building or parking area is taken, either party may, upon written notice to the other party given within ten (10) days of receipt of notice of such event, cancel this Agreement, in which event Seller shall instruct the Escrow Agent Holder to return the Deposit to BuyerPurchaser, less one-half of any escrow fee charged by the Escrow Holder, this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants. In the event that neither party elects to terminate, or if the condemnation affects less than a Substantial Portion or does not affect the building or parking area, then this Agreement shall remain in full force and effect, and Seller shall be entitled to all monies received or collected by reason of such condemnation prior to closing. In such event, the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less actual third party out of pocket costs and reasonable attorney’s 's fees, which that are received by Seller prior to Closing by reason of such condemnation prior to the Closing Datecondemnation. If the condemnation proceeding shall not have been concluded prior to the Closing DateClosing, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to BuyerPurchaser. For purposes of this Section 7.1, a “Substantial Portion” Portion shall mean a condemnation of any portion in excess of (i) $250,000 in value of the building Real Property or (ii) a condemnation that gives Boscov's the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lotright to terminate its lease.

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and prior to the Closing Date, Date if all or a Substantial Portion of the Real Property is taken, either party may, upon written notice to the other party given within ten (10) days of receipt of notice of such event, cancel this Agreement, in which event Seller shall instruct the Escrow Agent to return the Deposit to BuyerPurchaser, this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving CovenantsObligations. In the event that neither party elects to terminate, or if the condemnation affects less than a Substantial Portion or does not affect the building or parking area, then this Agreement shall remain in full force and effect, and Seller shall be entitled to all monies received or collected by reason of such condemnation prior to closing. In such event, the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney’s fees, which are received by Seller by reason of such condemnation prior to the Closing Date. If the condemnation proceeding shall not have been concluded prior to the Closing Date, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to BuyerPurchaser. For purposes of this Section 7.19.1, a “Substantial Portion” shall mean a condemnation of (i) any portion of (i) the building or (ii) any portion of the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lot.

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and prior to the Closing Date, if of all or a Substantial Portion (as hereinafter defined) of the Real Property is takenProject which condemnation shall render a Substantial Portion of the Project untenantable or results in the Project not having sufficient parking to comply with applicable law or the specific requirement of any Operating Agreement, either party Purchaser may, upon written notice to the other party Sellers given within ten (10) days of receipt of notice of such event, cancel this Agreement, in which event Seller shall instruct the Escrow Agent to Holder at Purchaser's request shall return the Deposit to Buyerplus all interest earned thereon, this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants. In the event that neither party elects Purchaser does not elect to terminate, or if the condemnation affects less than a Substantial Portion or and does not affect the building or parking areacapacity in the manner described above, then this Agreement shall remain in full force and effect, the Purchase Price shall not be reduced and Seller Purchaser shall be entitled to an assignment of all monies received of Sellers' share of the condemnation award (net of (1) the costs of collection incurred by Sellers, if any, and (2) if the condemnation is temporary, the portion of such award, if any, attributable to the period prior to the Adjustment Point, which amounts shall be retained by Sellers). Notwithstanding the foregoing, Sellers shall be entitled to receive or collected by reason retain out of such condemnation prior award any reasonable amounts expended by any such Seller to closingrestore or protect the Project. In such event, no event shall Sellers be obligated to repair or restore the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney’s fees, which are received by Seller by reason of such condemnation prior to the Closing Date. If the condemnation proceeding shall not have been concluded prior to the Closing Date, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to BuyerProject. For purposes of this Section 7.17.01, a “Substantial Portion” Portion shall mean a condemnation of any portion the Project in excess of (i) $5,000,000 in value of the building or (ii) the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lotProject.

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and prior to the Closing Date, if of all or a Substantial Portion (as hereinafter defined) of the Real Land and Improvements which condemnation shall render a Substantial Portion of the Land and Improvements untenantable or results in the Property is takennot having sufficient parking to comply with applicable law or the specific requirement of any Lease or Operating Agreement, either party Purchaser may, upon written notice to the other party Seller given within ten (10) days of receipt of notice of such event, cancel this Agreement, in which event Seller shall instruct the Escrow Agent to Holder at Purchaser's request shall return the Deposit to Buyerplus all interest earned thereon, this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants. In the event that neither party elects Purchaser does not elect to terminate, or if the condemnation affects less than a Substantial Portion or and does not affect the building or parking areaarea in the manner described above, then this Agreement shall remain in full force and effect, the Purchase Price shall not be reduced and Purchaser shall be entitled to an assignment of all of Seller's share of the condemnation award (net of (1) the costs of collection incurred to the Closing Date, if any, and (2) if the condemnation is temporary, the portion of such award, if any, attributable to the period from and after the Closing Date, after deducting therefrom reasonable expenditures made by Seller as a result of the related taking, but only to the extent such portion was paid to Seller prior to the Closing Date). Notwithstanding the foregoing, Seller shall be entitled to all monies received receive or collected by reason retain out of such condemnation prior award any reasonable amounts expended by Seller to closingrestore or protect the Mall. In such event, no event shall Seller be obligated to repair or restore the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney’s fees, which are received by Seller by reason of such condemnation prior to the Closing Date. If the condemnation proceeding shall not have been concluded prior to the Closing Date, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to BuyerLand or Improvements. For purposes of this Section 7.17.01, a “Substantial Portion” Portion shall mean a condemnation of any portion the Land and Improvements in excess of One Million Dollars (i$1,000,000) in value of the building or (ii) the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lotProperty. SECTION 7.02.

Loss due to Condemnation. In the event of a condemnation occurring after the Effective Date and If, prior to the Closing DateClosing, if all any governmental authority or a Substantial Portion other entity having condemnation authority shall institute an eminent domain proceeding or give any notice of the Real Property is taken, either party may, upon written notice intent to institute such proceeding with regard to the other party given within Land or Improvements, and the same is not dismissed in a final determination for which all appeal periods have passed on or before ten (10) days prior to the Closing Date set forth in this Agreement, then Seller shall, upon becoming aware of same, promptly notify Purchaser thereof and Purchaser shall, for a period of five (5) business days following receipt of such notice from Purchaser or otherwise becoming aware of such eventproceeding or intended proceeding, cancel be entitled to terminate this Agreement, in which event Seller shall instruct the Escrow Agent to return the Deposit shall be immediately refunded to BuyerPurchaser, and thereupon this Agreement shall terminate be terminated, and neither party the parties hereto shall have any rights or be relieved of all further obligations hereunder except for and liability under this Agreement (other than the Surviving Covenants). In the event that neither party elects to terminate, or if the condemnation affects less than a Substantial Portion or Purchaser does not affect the building or parking areaelect to terminate this Agreement, then this Agreement shall remain in full force and effect, and Seller shall be entitled to all monies received or collected by reason of such condemnation prior to closingClosing. In such event, the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement Agreement, except that there will be an abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney’s 's fees, which are received by Seller by reason of such condemnation prior to the Closing DateClosing. If the condemnation proceeding shall not have been concluded prior to the Closing DateClosing, then there shall be no abatement of the Purchase Price and Seller shall assign any interest it has in the pending award to Buyer. For purposes of this Section 7.1, a “Substantial Portion” shall mean a condemnation of any portion of (i) the building or (ii) the parking lot which materially affects the number of parking spaces or ingress/egress from the parking lotPurchaser.