Common use of Risk of Loss/Condemnation Clause in Contracts

Risk of Loss/Condemnation. Risk of loss of or damage to the Property shall be borne by Seller until the date of closing. Thereafter, Buyer shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement by giving notice of such termination to Seller and Closing Agent, and such termination shall be effective and the Deposit and interest thereon shall be refunded ten (10) days thereafter; provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closing, Buyer may, at its option, terminate this Agreement by giving notice of such termination to Seller, and upon such termination the Deposit and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effect; provided, however, that Buyer may elect to purchase the Property, in which case the total purchase price shall be reduced by the total of any condemnation award received by Seller. On closing, Seller shall assign to Buyer all of Seller's rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees to notify Buyer of eminent domain proceedings within five (5) days after Seller learns thereof.

Risk of Loss/Condemnation. Risk of loss of Seller assumes all risk and liability until Closing for damage or damage injury occurring to the Property shall be borne by Seller until fire, storm, accident or any other casualty or cause, and for condemnation or a similar taking by any governmental agency of all or any portion of the date of closingProperty; after Closing Buyer bears and assumes all such risks and liability. ThereafterIf, Buyer shall bear prior to Closing, (a) the risk of loss. In the event of material loss of Property, or any portion thereof, suffers any damage from fire or other casualty, or (b) an action is initiated or threatened to take the Property prior or any portion thereof, by eminent domain or condemnation proceedings or by deed in lieu thereof, then Seller shall promptly give written notice to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement by giving notice of such termination to Seller event and Closing Agent, and such termination shall be effective and the Deposit and interest thereon shall be refunded ten (10) days thereafter; provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closing, Buyer may, at its option, terminate this Agreement by giving notice of such termination to Seller, and upon such termination the Deposit and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effect; provided, however, that Buyer may elect to purchase the Propertyeither: (1) terminate this Agreement, or (2) consummate this Agreement, in which case event Seller shall deliver to Buyer, on the total purchase price shall be reduced by the total of Closing Date, any condemnation award proceeds actually received by Seller. On closingSeller in connection with such casualty or condemnation, Seller shall or assign to Buyer Buyer, on the Closing, all of Seller's rights ’s right, title and interest in and any claim to any future condemnation awards or other proceeds payable or to become payable by reason of any takinginsurance covering such damage, if any, or in the award of the condemning authority (provided that in no event shall Buyer be entitled to receive payment or assignment of such proceeds in an amount greater than the Purchase Price). Buyer shall make such election by sending written notice to Seller agrees to notify Buyer of eminent domain proceedings within five twenty (520) days after Seller learns thereofprovides written notice to Buyer of the casualty or condemnation, as applicable; provided that, if Buyer fails to timely deliver written notice to Seller within said 20 days, Buyer shall be deemed to have elected to terminate this Agreement.

Risk of Loss/Condemnation. Risk of loss of or damage to the Property shall be borne by Seller until the date of closing. Thereafter, Buyer shall bear the risk of lossloss except as described in Section 8.10 below. In the event of material loss of or damage to the Property prior to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement by giving notice of such termination to Seller and Closing Agent, and such termination shall be effective and the Deposit and interest thereon shall be refunded ten (10) days thereafter; provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closing, Buyer may, at its option, terminate this Agreement by giving notice of such termination to Seller, and upon such termination the Deposit and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effect; provided, however, that Buyer may elect to purchase the Property, in which case the total purchase price shall be reduced by the total of any condemnation award received by Seller. On closing, Seller shall assign to Buyer all of Seller's rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees to notify Buyer of eminent domain proceedings within five (5) days after Seller learns thereof.

Risk of Loss/Condemnation. (a) Risk of loss of or damage up to the Property Closing shall be borne by Seller until the date of closing. Thereafter, Buyer shall bear the risk of lossSeller. In the event of any “material loss damage” to or destruction of or damage to the Property prior to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement by giving notice of such termination to Seller and Closing Agent, and such termination shall be effective and the Deposit and interest thereon shall be refunded ten (10) days thereafter; provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closingany portion thereof, Buyer may, at its option, by notice to Seller given within ten (10) days after Seller notifies Buyer of such damage or destruction, or within ten (10) days after Xxxxx learns of such damage or destruction (and if necessary the Closing Date shall be extended to give Buyer the full ten (10) day period to make such election): (i) terminate this Agreement by giving notice of such termination to Seller, and upon such termination the Deposit and accrued interest Xxxxxxx Money shall be returned to Buyer, or (ii) proceed under this Agreement, receive any net insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Seller as a result of such damage or destruction and assume responsibility for such repair. If Xxxxx does not give notice of Xxxxx’s election within said ten (10) day period, Buyer shall be deemed to have elected option (i) above. If Buyer elects (ii) above, Buyer may extend the Closing Date for a reasonable period in which to obtain insurance settlement agreements with Seller’s insurers, and Seller will cooperate with Buyer in obtaining the insurance proceeds and such agreements from Seller’s insurers. In the event of a termination of this Agreement in accordance with this Section, the Xxxxxxx Money shall be of no further force or effect; provided, however, that Buyer may elect refunded to purchase the Property, in which case the total purchase price shall be reduced by the total of any condemnation award received by Seller. On closing, Seller shall assign to Buyer all of Seller's rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees to notify Buyer of eminent domain proceedings within five (5) days after Seller learns thereofBuyer.

Risk of Loss/Condemnation. Risk of loss of or damage to the Property Properties shall be borne by Seller Sellers until the date of closing. Thereafter, Buyer shall bear the risk of loss. In the event of material loss of or damage to the Property Properties prior to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement by giving notice of such termination to Seller Sellers and Closing Agent, and such termination shall be effective and the Deposit and interest thereon shall be refunded ten (10) days thereafter; provided, however, that such termination shall not be effective if Seller agrees Sellers agree in writing within such ten (10) day period to restore the affected Property substantially to its present condition by the closing date. If the Property is either or becomes both Properties are or become the subject of a condemnation proceeding prior to closing, Buyer may, at its option, terminate this Agreement by giving notice of such termination to SellerSellers, and upon such termination the Deposit and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effect; provided, however, that Buyer may elect to purchase the PropertyProperties, in which case the total purchase price shall be reduced by the total of any condemnation award received by SellerSellers. On closing, Seller Sellers shall assign to Buyer all of Seller's Sellers' rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees Sellers agree to notify Buyer of eminent domain proceedings within five (5) days after Seller Sellers learns thereof.

Risk of Loss/Condemnation. Risk of loss of or damage to the Property shall be borne by the Seller until the date of closing. Thereafter, Buyer shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement by giving notice of such termination to Seller and Closing AgentEscrow Holder, and such termination shall be effective and the Deposit Deposits and interest thereon shall be refunded ten (10) days thereafter; , provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closing, Buyer may, at its optionopinion, terminate this Agreement by giving notice of such termination to Seller, and upon such termination the Deposit Deposits and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effecteffect except as otherwise provided herein; provided, however, that Buyer may elect to purchase the Property, in which case the total purchase price shall be reduced by the total of any condemnation award received by Seller. On closing, Seller shall assign to Buyer all of Seller's rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees to notify Buyer of eminent domain proceedings within five (5) days after Seller learns thereof.

Risk of Loss/Condemnation. Risk of loss of or damage to the Property shall be borne by Seller until the date of closing. Thereafter, Buyer shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement by giving notice of such termination to Seller and Closing Agent, and such termination shall be effective and the Deposit and interest thereon shall be refunded ten (10) days thereafter; provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closing, Buyer may, at its option, terminate this Agreement by giving notice of such termination to Seller, and upon such termination the Deposit and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effect; : provided, however, that Buyer may elect to purchase the Property, in which case the total purchase price shall be reduced by the total of any condemnation award received by Seller. On closing, Seller shall assign to Buyer all of Seller's rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees to notify Buyer of eminent domain proceedings within five (5) days after Seller learns thereof.

Risk of Loss/Condemnation. Risk of loss of or damage to the Property shall be borne by the Seller until the date of closing. Thereafter, Buyer shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the date upon which Buyer assumes the risk, Seller shall restore the Property, provided that in the event such restoration is not complete by the -Closing Date, Buyer may terminate this Agreement by giving notice of such termination to Seller and Closing Agent, and such termination shall be effective and the Deposit Deposits and interest thereon shall be refunded ten (10) days thereafter; provided, however, that such termination shall not be effective if Seller agrees in writing within such ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closing, Buyer may, at its option, terminate this Agreement by giving notice of such termination to SellerSeller on or before the termination date, and upon such termination the Deposit Deposits and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effect; provided, however, that Buyer may elect to purchase the Property, in which case the total purchase price shall be reduced by the total of any condemnation award received by Seller. On Seller at or prior to closing, and on closing, Seller shall assign to Buyer all of Seller's rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees to notify Buyer of eminent domain proceedings within five (5) days after Seller learns thereof.

Risk of Loss/Condemnation. Risk of loss of Seller assumes all risk and liability until Closing for damage or damage injury occurring to the Property by fire, storm, accident or any other casualty or cause, and for condemnation or a similar taking by any governmental agency of all or any portion of the Property; after Closing Buyer bears and assumes all such risks and liability. If, prior to Closing, (a) the Property, or any portion thereof, suffers any damage from fire or other casualty, or (b) an action is initiated or threatened to take the Property or any portion thereof, by eminent domain or condemnation proceedings or by deed in lieu thereof, then Seller shall promptly give Notice to Buyer of such event and Buyer may elect to either: (1) terminate this Agreement, in which event all Xxxxxxx Money (including any Xxxxxxx Money previously released to Seller) shall be borne returned to Buyer, or (2) consummate this Agreement, in which event Seller shall deliver to Buyer, on the Closing Date, any proceeds actually received by Seller until in connection with such casualty or condemnation, or assign to Buyer, on the date Closing, all of closingSeller’s right, title and interest in any claim to proceeds of any insurance covering such damage, if any, or in the award of the condemning authority (provided that in no event shall Buyer be entitled to receive payment or assignment of such proceeds in an amount greater than the Purchase Price). Thereafter, Buyer shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the date upon which Buyer assumes the risk, Buyer may terminate this Agreement make such election by giving sending written notice of such termination to Seller and Closing Agent, and such termination shall be effective and the Deposit and interest thereon shall be refunded within ten (10) days thereafterafter Seller provides Notice to Buyer of the casualty or condemnation, as applicable; providedprovided that, however, that such termination shall not be effective if Buyer fails to timely deliver Notice to Seller agrees in writing within such said ten (10) day period to restore the Property substantially to its present condition by the closing date. If the Property is or becomes the subject of a condemnation proceeding prior to closingdays, Buyer may, at its option, shall be deemed to have elected to terminate this Agreement by giving notice of such termination to Seller, and upon such termination the Deposit and accrued interest shall be returned to Buyer and this Agreement shall be of no further force or effect; provided, however, that Buyer may elect to purchase the Property, in which case the total purchase price shall be reduced by the total of any condemnation award received by Seller. On closing, Seller shall assign to Buyer all of Seller's rights in and to any future condemnation awards or other proceeds payable or to become payable by reason of any taking. Seller agrees to notify Buyer of eminent domain proceedings within five (5) days after Seller learns thereofAgreement.