Material Damage or Destruction. In the event that prior to the Closing Date, a material portion of the Real Property shall have been damaged or destroyed or shall have been taken or condemned by any public or quasi-public authority under the power of eminent domain, Purchaser shall have the right to terminate this Agreement on written notice to Seller which notice must be delivered within ten (10) days after Purchaser receives notice of such damage, destruction or condemnation. In the event Purchaser fails to exercise its termination rights hereunder, then it shall be conclusively deemed to have waived said right and Seller shall assign to Purchaser all of its rights to any insurance proceeds or condemnation award and all claims in the connection therewith. In the event Purchaser exercises its termination rights hereunder, the parties shall have no further rights or obligations hereunder other than Purchaser's right to the return of its Earnest Money.
Material Damage or Destruction. In the event of any material damage or destruction to the Property occurring after the Effective Date, Buyer may, at its option, by giving notice to Seller within the earlier of twenty (20) days after Buyer is notified by Seller of such material damage or destruction or the Closing Date (but in no event will Buyer have less than ten (10) days after Buyer is notified by Seller of such material damage or destruction to make the decision, and if necessary the Closing Date will be extended to give Buyer the full 10-day period to make such election): (i) terminate this Agreement, and Escrow Agent will promptly return the Xxxxxxx Money Deposit to Buyer and the rights, duties, obligations and liabilities of the parties under this Agreement will immediately terminate and be of no further force or effect, except for those which expressly survive termination under the provisions of this Agreement or (ii) proceed to close under this Agreement, assume responsibility for such repairs and receive (and Seller will assign to Buyer at the XXX Seller's rights under insurance policies to receive) any insurance proceeds (including any rent loss insurance applicable to the period on or after the Closing Date but excluding such proceeds applicable to any period prior to XXX) due Seller, plus an amount from Seller equal to Seller's unpaid deductible with respect to such casualty. If Buyer fails to deliver to Seller notice of Buyer's election within the period set forth above, Buyer will be deemed to have elected to terminate the Agreement as provided in clause (i) of the preceding sentence. If Buyer elects clause (ii) above, Seller will cooperate reasonably and in good faith with Buyer after the XXX to assist Buyer in obtaining the insurance proceeds from Seller's insurers (but without being obligated to expend funds or insure liability). For purposes of this Agreement “material damage or destruction” means all instances of damage or destruction that are not defined as immaterial damage or destruction in Section 19(a) above.
Material Damage or Destruction. In case of any material damage to or ------------------------------- destruction of the Lessor's Property or any part thereof, Lessee shall promptly give written notice thereof to Lessor and any mortgagee, generally describing the nature and extent of such damage or destruction. In case of any such damage to or destruction of the Lessor's Property or any parts thereof, caused by Lessee or Lessee's Employees or which is covered by insurance maintained by Lessee, Lessee, whether or not the insurance proceeds, if any, on account of such damage or destruction shall be sufficient for the purpose, at its sole expense, shall promptly commence and complete the restoration, replacement or rebuilding of the Lessor's Property as nearly as possible to its value, condition and character immediately prior to such damage or destruction. Lease Agreement - Hibernia Page 12 ARTICLE XIV ----------- NO ALTERATIONS -------------- Except as specifically set forth in this Agreement, Lessee may not make any alterations, additions and/or improvements to any part of the Lessor's Property, the Leased Space, the Antenna, Equipment, and or Cabling without the prior written consent of the Lessor, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary, Lessor shall have the right to condition its consent to any alterations, additions, and/or improvements by Lessee or the posting of a bond or other security securing the ability of Lessee to fulfill its obligations pursuant to Article IX, hereof. ----------
Material Damage or Destruction. 26 5.4 Meridian Village Lien Release . . . . . . . . . . . . . . . 27
Material Damage or Destruction. In the event of any material damage or destruction to a Facility and provided Borrower does not intend to rebuild or restore such Facility, or upon a material taking by any public or quasi-public authority through condemnation, eminent domain or deed in lieu thereof, and not withstanding anything to the contrary contained in SECTION 8 hereof, Borrower shall have the right to elect not to repair or rebuild the Facility and to deposit with Lender an irrevocable letter of credit in favor of Lender and otherwise in form and content satisfactory to Lender in its sole discretion, with an expiry date not less than thirteen (13) months from its issuance (the "Damage Letter of Credit").
Material Damage or Destruction. If the Premises are totally destroyed by fire or other casualty, or if the Building is partially damaged or destroyed to the extent of fifty percent (50%) or more of the replacement cost thereof, then, even though the Premises may not be damaged, Landlord shall have the option of terminating this Lease, or any renewal thereof, by giving written notice to Tenant within sixty (60) days after the date of such casualty, in which event any prepaid Rent shall be prorated as of the date of such casualty and the unearned portion of such Rent shall be refunded to Tenant without interest.
Material Damage or Destruction. In the event of any Material Damage to or destruction of the Property or any portion thereof prior to Closing, Buyer may, at its option, terminate this Agreement by delivering written notice of termination to Seller on or before the expiration of ten (10) days after the date Seller delivers the Casualty Notice to Buyer (and if necessary, the Closing Date shall be extended to give Buyer the full ten-day period to make its election to terminate this Agreement). Upon any such termination by Buyer, the Deposit shall be returned to Buyer and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If Buyer does not terminate this Agreement within said ten (10) day period, then the parties shall proceed under this Agreement and close on schedule (subject to extension of the Closing Date as provided above), and as of Closing Seller shall assign to Buyer all of Seller's rights in and to any resulting insurance proceeds. For purposes of this Section 8.1, "Material damage" and "Materially Damage" means damage which, in the reasonable estimation of the Insurance Adjuster, would cost in excess of $100,000.00 to repair or which would take longer than ninety (90) days to repair from the date repairs are commenced.
Material Damage or Destruction. If there is damage or destruction by fire or other casualty of a material part of the Real Property, or a material part of any other portion of the World Trade Center required for access to or support of the Hotel, or which contains equipment providing utility services to the Hotel, Seller shall notify Purchaser of such fact and Purchaser shall have the option to terminate this Agreement upon written notice to Seller given not later than five (5) days after the date of Seller's notice. If this Agreement is terminated as aforesaid, the Down Payment, together with the Interest, shall be returned to Purchaser whereupon neither Seller nor Purchaser shall have any rights against or obligations to the other arising out of this Agreement. If Purchaser does not elect to terminate this Agreement as provided herein, the parties shall consummate the Closing in accordance with the terms hereof, without any abatement of the Purchase Price, and any and all casualty insurance proceeds collected by Seller on account of such physical damage or destruction to the Real Property (net the cost of collection and deductibles) which has not been applied to restoration, and any right to receive and retain same, shall be paid to or assigned to Purchaser at the Closing. For purposes hereof, a "material part" shall be deemed to mean any damage or destruction the aggregate cost of repair or replacement of which shall exceed One Hundred Thousand Dollars ($100,000.00). Purchaser shall assume all of Seller's liabilities and obligations under any construction contracts entered into with respect to such repairs of the Real Property which remain unfulfilled as of the Closing Date. Purchaser shall have the right to approve the terms of such contracts, such approval not to be unreasonably withheld or delayed.
