Purchaser’s Elections. In the event condemnation proceedings are commenced against all of the Property or any material portion thereof (and for this purpose, “material” is defined as a proposed condemnation which would reasonably be expected to be valued at more than Four Hundred Thousand and 00/100 Dollars ($400,000.00) or would have a material adverse impact on Purchaser’s intended development or use of the Property as communicated by Purchaser to Seller on or before the Effective Date hereof and as reasonably determined by Seller), Purchaser may elect, on notice to Seller within fifteen (15) days after receipt of notice of the commencement of such proceedings either: (i) to terminate this Agreement in which case the Xxxxxxx Money shall be returned to Purchaser by the Escrow Agent, and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of Agreement; or
Purchaser’s Elections. Schedule 1 to Exhibit A hereto sets out the Class of Notes of each Series that each Purchaser has irrevocably elected to receive on behalf of itself and its successors, permitted assigns and permitted transferees. Any Note initially issued to a Senior Purchaser shall be and remain a Senior Note, and any Note initially issued to a Junior Purchaser shall be and remain a Junior Note, in each case, regardless of the Holder thereof. A Note, once issued as a particular Class or Series, shall only be transferred, assigned and/or reissued as such Class or Series, as the case may be, entitling its Holder to the rights, and subjecting such Holder to the obligations, applicable to such Class or Series only, as further set forth herein.
Purchaser’s Elections. Schedule 1 to Exhibit A hereto sets out the Class of Notes and Tranche of Senior Notes that each Purchaser has irrevocably elected to receive on behalf of itself and its successors, permitted assigns and permitted transferees. Any Note initially issued to a Senior Purchaser as a Tranche A-1 Senior Note shall be and remain a Tranche A-1 Senior Note, any Note initially issued to a Senior Purchaser as a Tranche A-2 Senior Note shall be and remain a Tranche A-2 Senior Note, and any Note initially issued to a Junior Purchaser shall be and remain a Junior Note, in each case, regardless of the Holder thereof. A Note, once issued as a particular Tranche and Class, shall only be transferred, assigned and/or reissued as such Tranche and Class, as the case may be, entitling its Holder to the rights, and subjecting such Holder to the obligations, applicable to such Tranche and Class only, as further set forth herein.
Purchaser’s Elections. In the event condemnation proceedings are commenced or threatened in writing against all of the Property or any material portion thereof (and for this purpose, "material" is defined as a proposed condemnation which would reasonably be expected to be valued at more than Five Hundred Thousand and 00/100 Dollars ($500,000.00) (a “Condemnation Event”), Purchaser may elect, on notice to Seller within fifteen (15) days after Purchaser learns of such Condemnation Event, either: (i) to terminate this Agreement in which case the Xxxxxxx Money shall be returned to Purchaser by the Escrow Agent, and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of Agreement; or
Purchaser’s Elections. In the event condemnation proceedings are commenced against all of the Property or any material portion thereof (and for this purpose, “material” is defined as a proposed condemnation which would reasonably be expected to be valued at more than Fifty Thousand and No/100 Dollars ($50,000.00)) or would have a material adverse impact on Purchaser’s intended development or use of the Property as communicated by Purchaser or Purchaser’s Broker (as defined below) to Seller on or before the Effective Date hereof, Purchaser may elect, on notice to Seller within fifteen (15) days after receipt of notice of the commencement of such proceedings either: (i) to terminate this Agreement in which case the Xxxxxxx Money shall be returned to Purchaser by the Escrow Agent, and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of Agreement; or (ii) to proceed to Closing in which case Seller shall at Closing assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any condemnation awards relating thereto, less any costs and expenses reasonably incurred by Seller from the date of the commencement of such condemnation through the date of Closing relating to such condemnation. If Purchaser does not make such an election within fifteen (15) days after the commencement of condemnation proceedings, Purchaser shall be deemed to have elected to proceed under clause (ii) above.
