Non-Material Condemnation. In the event that prior to the ------------------------- Close of Escrow, any non-material portion of the Real Property is subject to a taking by any public or governmental authority, Buyer shall accept the Real Property in its then condition and proceed with the consummation of the transaction contemplated by this Agreement, in which event Buyer shall be entitled to an assignment of all of Seller's rights to any award or proceeds payable in connection with such taking. In the event of any such non-material taking, Seller shall not compromise, settle or adjust any claims to such award without Buyer's prior written consent, which consent may be withheld in Buyer's sole and absolute discretion.
Appears in 3 contracts
Samples: Contribution/Purchase Agreement (Prentiss Properties Trust/Md), Purchase Agreement (Prentiss Properties Trust/Md), Purchase Agreement (Prentiss Properties Trust/Md)
Non-Material Condemnation. In the event that prior to the ------------------------- Close of Escrow, any non-material portion of the Real Property is subject to a taking by any public or governmental authority, Buyer shall accept the Real Property in its then condition and proceed with the consummation of the transaction contemplated by this Agreement, in which event Buyer shall be entitled to an assignment of all of Seller's ’s rights to any award or proceeds payable in connection with such taking (other than any award or proceeds applicable to pre-Closing periods, for example in the case of a temporary taking). In the event of any such non-material taking, Seller shall not compromise, settle or adjust any claims to such award without Buyer's ’s prior written consent, which consent may be withheld in Buyer's sole and absolute discretion.
Appears in 2 contracts
Samples: Agreement of Purchase and Sale (City Office REIT, Inc.), Purchase and Sale Agreement (City Office REIT, Inc.)
