Takings. In the event of the institution of any proceeding for the taking or condemnation of a substantial portion of the Property prior to the Closing, Purchaser may, at its option, either (a) terminate this Agreement by written notice thereof to Seller within ten (10) days after Seller notifies Purchaser of the proceedings for condemnation or taking, at which xxxx Xxxxxx shall direct the Title Company to promptly return the Deposit to Purchaser, with neither party hereto being thereafter obligated to the other, except as to Purchaser's obligation to return to Seller due diligence materials pursuant to Section 5.4 hereof, and except for Purchaser's indemnification liabilities set forth in Sections 6.1 and 19.1(d) hereof, or (b) proceed to the Closing, in which event Seller shall assign and/or deliver to Purchaser at Closing any claims with regard to same and any proceeds received by Seller attributable to the Property from such condemnation or eminent domain proceeding. As used in this Section 14.2, the taking of a "substantial portion" of the Property shall mean (i) a taking in excess of FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00) of the fair market value of the Property or (ii) a taking which materially affects the value of the Property as used for the operation of the Hotel.
Appears in 4 contracts
Samples: Agreement of Sale and Purchase (Host Funding Inc), Agreement of Sale and Purchase (Host Funding Inc), Agreement of Sale and Purchase (Host Funding Inc)
