Common use of Proceeds of Condemnation Clause in Contracts

Proceeds of Condemnation. In the event that Optionee elects, or is deemed to have elected, to accept such Owned Property or Property Under Contract, as applicable, subject to Condemnation Action pursuant to Section 12(a) hereof, then the parties hereto shall proceed to the Closing in accordance with this Agreement, without modification of the terms hereof, except that (a) the Property will not include the property so taken, (b) the Option Price will be reduced by the amount of any awards for such taking received by Optionor as of the Closing, and (c) Optionor shall assign and turn over to Optionee, and Optionee shall be entitled to receive and retain, all awards for such taking not yet awarded as of the Closing. This Section 12 supersedes, and the parties waive, the provisions of California Civil Code Section 1662.

Proceeds of Condemnation. In the event that Optionee elects, or is deemed to have elected, to accept such Owned Property or Property Under Contract, as applicable, subject to Condemnation Action pursuant to Section 12(a) hereof, then the parties hereto shall proceed to the Closing in accordance with this Agreement, without modification of the terms hereof, except that (a) the Property will not include the property so taken, (b) the Option Price will be reduced by the amount of any awards for such taking received by any Optionor as of the Closing, and (c) such Optionor shall assign and turn over to Optionee, and Optionee shall be entitled to receive and retain, all awards for such taking not yet awarded as of the Closing. This Section 12 supersedes, and the parties waive, the provisions of California Civil Code Section 1662.