Damage, Destruction and Condemnation Sample Clauses

Damage, Destruction and Condemnation. Seller shall notify Purchaser immediately of the occurrence of any damage to or destruction of, or the initiation of any condemnation or similar proceedings with respect to a Material Portion (as defined below) of the Property occurring prior to the Closing. In such event, Purchaser may, at its option within seven (7) days after receipt of such notice, elect to terminate this Agreement by giving Seller written notice thereof, in which event the parties hereto shall be relieved and released of and from any further duties, obligations, rights, or liabilities hereunder (except for such obligations and provisions which expressly survive termination of this Agreement) and the Deposit shall be returned to Purchaser; provided that Purchaser had not caused the damage to or destruction of the Property. If the scheduled Closing Date falls within the aforesaid seven (7) day period, then the Closing shall be extended to the next business day following the end of said seven (7) day period. If (i) Seller does not receive Purchaser’s termination notice within such timeframe or Purchaser otherwise elects to consummate the purchase contemplated under this Agreement; or (ii) less than a Material Portion of the Property is destroyed or subject to taking, this Agreement shall remain in full force and effect and the purchase contemplated herein, less any portion of the Property taken by eminent domain or condemnation, shall be consummated with no further adjustment or modification except that the Purchase Price shall be reduced to reflect (i) any deductible in insurance proceeds and, in which event, at or before the Closing, Seller shall pay to Purchaser all insurance proceeds received by Seller (less reasonable expenses incurred by Seller, including attorneys fees) and transfer to Purchaser all additional insurance proceeds (less reasonable expenses incurred by Seller, including attorneys fees) resulting from any casualty or (ii) any awards that have been or may thereafter be made for any taking or condemnation. Notwithstanding the foregoing, Seller shall have no liability to Purchaser for uninsured or underinsured losses, or any other damages whatsoever. For purposes of this Article 9, a “Material Portion” of the Property shall mean (x) with respect to a casualty, damage for which the cost of repair is in excess of Five Million and No/100 Dollars ($5,000,000.00); or (y) with respect to the initiation of any condemnation or similar proceedings (a “Condemnation”), a taking of ...

Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit Agreement and Grantor shall continue to be obligated to make such payments. (b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement. (c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in ...

Damage, Destruction and Condemnation. Section 9.1. Damage or Destruction 13 Section 9.2. Condemnation 14 Section 9.3. Bondowner Approval 15

Damage, Destruction and Condemnation. In the event that at any time during the Term the whole or part of the Facility shall be damaged or destroyed, or taken or condemned by a competent authority for any public use or purpose, or by agreement to which the Lessee and those authorized to exercise such right are parties, or if the temporary use of the Facility shall be so taken by condemnation or agreement (a “Loss Event”): (i) the Agency shall have no obligation to rebuild, replace, repair or restore the Facility; (ii) there shall be no abatement, postponement or reduction in the Rental Payments payable by the Lessee under this Agreement or any other Project Document to which it is a party, and the Lessee hereby waives the provisions of Section 227 of the New York Real Property Law or any law of like import now or hereafter in effect; and (iii) the Lessee will promptly give written notice of such Loss Event to the Agency, generally describing the nature and extent thereof.

Damage, Destruction and Condemnation. (a) If, during the term of the Lease, (i) the Leased Property or any portion thereof shall be destroyed, in whole or in part, or damaged by fire or other casualty or event; or (ii) title to, or the temporary or permanent use of, the Leased Property or any portion thereof or the estate of the Lessee, the Lessor or the Trustee in the Leased Property or any portion thereof shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority; or (iii) a material defect in construction of the Project Site shall become apparent; or (iv) title to or the use of all or any portion of the Leased Property shall be lost by reason of a defect in title; then the Lessee shall continue to pay Base Rentals and Additional Rentals, subject to Section 4.09(a) hereof, and to take such action as it shall deem necessary or appropriate to repair, rebuild and replace the affected portion of the Leased Property, subject to Section 9.01(c)(ii) hereof. (b) In accordance with Section 411 of the Indenture, the Trustee shall cause the Net Proceeds of any insurance policies (including any moneys derived from any self-insurance program), performance bonds or condemnation awards with respect to the Leased Property, or Net Proceeds received as a consequence of defaults under project contracts (excluding liquidated damages) for the Project Site, to be deposited into the Insurance Fund to be applied as provided herein and in Section 411 of the Indenture, and all Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the damaged or destroyed portion of the Leased Property by the Lessee, except as otherwise provided in Section 9.01(c) hereof. The balance of any Net Proceeds remaining after the repair, restoration, modification, improvement or replacement has been completed are to be deposited into the Bond Fund. The Trustee shall cause the Net Proceeds of any liquidated damages received as a consequence of a default by a contractor to complete Acquisition of the Project in a timely fashion. I If such Net Proceeds shall be insufficient to pay in full the cost of any such repair, restoration, modification, improvement or replacement, the Lessee shall, within ninety (90) days after the occurrence of the event giving rise to such Net Proceeds, either: (i) commence and thereafter complete the work and pay any cost in excess of the Net Proce...

Damage, Destruction and Condemnation. If prior to full payment of the Funding Loan (or provision for payment of the Funding Loan in accordance with the provisions of the Funding Loan Agreement) the Project or any portion of it is destroyed (in whole or in part) or is damaged by fire or other casualty, or title to, or the temporary use of, the Project or any portion of it shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, or shall be transferred pursuant to an agreement or settlement in lieu of eminent domain proceedings, the Borrower shall nevertheless be obligated to continue to pay the amounts specified in this Project Loan Agreement and in the Project Note to the extent the Project Loan is not prepaid in full in accordance with the terms of the Project Loan Documents.

Damage, Destruction and Condemnation. If, prior to the termination of the Lease Term under the related Lease, (a) the Equipment or any portion thereof is destroyed, in whole or in part, or is damaged by fire or other casualty or (b) title to, or the temporary use of, the Equipment or any part thereof shall be taken under the exercise or threat of the power of eminent domain by any governmental body or by any person, firm or corporation acting pursuant to governmental authority, (i) Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation award or sale under threat of condemnation to be applied to the prompt replacement, repair, restoration, modification or improvement of the Equipment or such part thereof and any balance of the Net Proceeds remaining after such work has been completed shall be paid to Lessee or (ii) Lessee shall exercise its option to prepay the obligations under the affected Lease in accordance with Section 10.01(b) hereof.

Damage, Destruction and Condemnation. Unless the Lessee shall have exercised its option to purchase the Facilities and terminate the Ground Lease by making payment of the Option Price as provided in Section 3.4, if prior to the termination of the Lease Term (i) the Facilities or any portion thereof is destroyed in whole or in part or are damaged by fire or other casualty or (ii) title to, or the temporary use of, the Facilities or any substantial part thereof or the estate of the Lessee or the Lessor in the Facilities or any part thereof shall be taken under the exercise of the power of eminent domain by any governmental authority, the Lessee and the Lessor will cause the Net Proceeds of any insurance claim or condemnation award to be applied to the prompt repair, restoration, modification or improvement of the Facilities. Any balance of the Net Proceeds remaining after such work has been completed shall be paid to the Lessee. If the Net Proceeds are insufficient to pay in full the cost of such repair, restoration, modification or improvement, the Lessee shall either (i) complete the work and pay any cost in excess of the amount of the Net Proceeds, and the Lessee agrees that if by reason of any such insufficiency of the Net Proceeds, the Lessee shall make any payments pursuant to the provisions of this Section 5.3(c), the Lessee shall not be entitled to any reimbursement from the Lessor nor shall the Lessee be entitled to any diminution of the Lease Payments, or (ii) the Lessee shall pay to the Trustee, as assignee, the amount of the then applicable Option Price, and upon such payment, the Lease Term shall terminate and title to the Property, if not previously conveyed to the Lessee, shall then be conveyed by the Lessor to the Lessee as provided in Section 3.4(c) of this Lease. The amount of the Net Proceeds in excess of the then- applicable Option Price, if any, may be retained by the Lessee.

Damage, Destruction and Condemnation. USE OF NET PROCEEDS

Damage, Destruction and Condemnation. If, during the duration of this Facilities Agreement, (i) the Project Facilities or any portion thereof shall be destroyed (in whole or in part), or damaged by fire or other casualty, or (ii) title to, or the temporary or permanent use of, the Project Facilities, the Real Property or any portion thereof or the estate of the County or the Corporation in the Project Facilities, the Real Property or any portion thereof shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, or (iii) a material defect in construction or installation of the Project Facilities, the Real Property or any portion thereof shall become apparent, or (iv) title to or the use of all or any portion of the Project Facilities, Real Property or any portion thereof shall be lost by reason of a defect in title thereto, then the County shall be obligated, subject to the option provided in Section 7.3 hereof and the provisions of Sections 4.6 and 4.7 hereof, to continue to pay the amounts specified as Acquisition Payments under this Facilities Agreement.