Common use of Material Loss; Condemnation Proceeding Clause in Contracts

Material Loss; Condemnation Proceeding. In the event that, prior to the Closing, the Real Property shall suffer a Material Loss or Seller shall receive notice of the commencement or the threat of commencement of any eminent domain or condemnation proceeding which involves any portion of the Real Property (“Condemnation Proceeding”), Seller shall immediately notify Buyer of such Material Loss or Condemnation Proceeding and, in such a case: (i) Buyer shall have the right to terminate this Agreement and the Escrow pursuant to the terms of Section 8.5(a) hereof; or (ii) accept the Property in its then existing condition and purchase and acquire the Property in accordance with the terms and conditions of this Agreement, subject to the terms and conditions described in this Section 8.3. In the event of a Material Loss, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Seller shall pay or assign to Buyer on the Closing any and all casualty insurance proceeds previously paid or payable to Seller, and Buyer shall be entitled to a credit against the Purchase Price in an amount equal to any insurance deductible, as well as an amount equal to the estimated costs, fees and expenses to repair and/or replace the uninsured portion of the Material Loss, as determined by an independent third party general contractor mutually acceptable to Buyer and Seller. In the event of a Condemnation Proceeding, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Seller shall pay or assign to Buyer on the Closing any amount of compensation, awards or other payments or relief previously paid or payable to Seller resulting from such Condemnation Proceeding. Buyer’s termination right or Buyer’s acceptance right shall be exercised by written notice to Seller within thirty (30) Calendar Days (but in no event later than the Closing Date) after Buyer receives written notice from Seller of the occurrence of the Material Loss or Condemnation Proceeding. In the event Buyer elects to accept the Property and proceed to Closing pursuant to Section 8.3(a)(ii) hereof, then, in such a case, the Scheduled Closing Date shall automatically be extended to the Extended Closing Date.

Material Loss; Condemnation Proceeding. In the event that, prior to the Closing, the Real Property shall suffer a Material Loss suffers (i) any damage, loss or destruction, or (ii) Seller shall receive written notice of the commencement or the threat of commencement of any eminent domain or condemnation proceeding which involves any portion of the Real Property (“Condemnation Proceeding”)proceeding, Seller shall immediately notify Buyer of such damage, loss, destruction or eminent domain or condemnation proceeding. If any such damage, loss or destruction amounts to a Material Loss or Condemnation Proceeding andany such eminent domain or condemnation amounts to a Material Taking, in such a case: (i) Buyer shall have the right to (i) terminate this Agreement and the Escrow pursuant to the terms of Section 8.5(a) hereof; or (ii) accept the Property in its then existing condition and purchase and acquire the Property in accordance with with, and subject to, the terms and conditions of this Agreement, subject to the terms and conditions described in this Section 8.3. In the event of a Material Loss, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Buyer shall not be entitled to an offset, credit or reduction in the Purchase Price however, Seller shall pay or assign to Buyer on the Closing any and all casualty insurance proceeds previously paid or payable to Seller, Seller in connection with such Material Loss and Buyer shall be entitled to a credit against the Purchase Price in an amount equal to any insurance deductible, as well as an amount equal to the estimated costs, fees and expenses to repair and/or replace the uninsured portion of the Material Loss, as determined by an independent third party general contractor mutually acceptable pay to Buyer and Sellerthe amount of any applicable deductible. In the event of a Condemnation ProceedingMaterial Taking, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Seller shall pay or assign to Buyer on the Closing any amount of compensation, awards or other payments or relief previously paid or payable to Seller resulting from such Condemnation ProceedingMaterial Taking. Buyer’s 's termination right or Buyer’s 's acceptance right shall be exercised by written notice to Seller within thirty (30) Calendar Days (but in no event later than the Closing DateClosing) after Buyer receives written notice from Seller of the occurrence of the Material Loss or Condemnation Proceeding. In the event Buyer elects to accept the Property and proceed to Closing pursuant to Section 8.3(a)(ii) hereof, then, in such a case, the Scheduled Closing Date shall automatically be extended to the Extended Closing DateMaterial Taking.

Material Loss; Condemnation Proceeding. In the event that, prior to the Closing, the Real Property shall suffer a Material Loss or Seller shall receive notice of the commencement or the threat of commencement of any eminent domain or condemnation proceeding which involves any portion of the Real Property (“Condemnation Proceeding”), Seller shall immediately notify Buyer of such Material Loss or Condemnation Proceeding and, in such a case: (i) Buyer shall have the right to terminate this Agreement and the Escrow pursuant to the terms of Section 8.5(a) hereof; or (ii) accept the Property in its then existing condition and purchase and acquire the Property in accordance with the terms and conditions of this Agreement, subject to the terms and conditions described in this Section 8.3. In the event of a Material Loss, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Seller shall pay or assign to Buyer on the Closing any and all casualty insurance proceeds previously paid or payable to Seller, and Buyer shall be entitled to a credit against the Cash Purchase Price in an amount equal to any insurance deductible, as well as an amount equal to the estimated costs, fees and expenses to repair and/or replace the uninsured portion of the Material Loss, as determined by an independent third party general contractor mutually acceptable to Buyer and Seller. In the event of a Condemnation Proceeding, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Seller shall pay or assign to Buyer on the Closing any amount of compensation, awards or other payments or relief previously paid or payable to Seller resulting from such Condemnation Proceeding. Buyer’s termination right or Buyer’s acceptance right shall be exercised by written notice to Seller within thirty (30) Calendar Days (but in no event later than the Closing Date) after Buyer receives written notice from Seller of the occurrence of the Material Loss or Condemnation Proceeding. In the event Buyer elects to accept the Property and proceed to Closing pursuant to Section 8.3(a)(ii) hereof, then, in such a case, the Scheduled Closing Date shall automatically be extended to the Extended Closing Date.