Damage, Destruction or Condemnation. (a) In the event of damage to or destruction of any portion of the Project resulting from fire or other casualty during the Term, or in the event any portion of the District is condemned or taken for any public or quasi-public use or title thereto is found to be deficient during the Term, the net proceeds of any insurance relating to such damage or destruction, the net proceeds of such condemnation or taking or the net proceeds of any realization on title insurance shall be paid into, and used in accordance with a construction escrow agreement reasonably satisfactory to the City and Developer ("Casualty Escrow").
(b) If, at any time during the Term, the Project or any part thereof shall be damaged or destroyed by a casualty (the "Damaged Facilities"), Developer, at its sole cost and expense, shall commence and thereafter proceed as promptly as possible to repair, restore and replace the Damaged Facilities as nearly as possible to their condition immediately prior to the casualty and shall be entitled to draw upon the Casualty Escrow for payment of said costs.
(c) If at any time during the Term, title to the whole or substantially all of the Project which has previously been conveyed to Developer shall be taken in condemnation proceedings or by right of eminent domain, Developer, at its sole discretion, may terminate this Agreement as of the date of such taking. For purposes of this Section 6.07(c), "substantially all of the District" shall be deemed to have been taken if the City and Developer, each acting reasonably and in good faith, determine that the untaken portion of the District, including the parking improvements, cannot be practically and economically used by Developer for the purposes and at the times contemplated by this Agreement.
(d) In the event of condemnation of less than the whole or substantially all of the District which has previously been conveyed to Developer during the Term, Developer, at its sole cost and expense, shall commence and thereafter proceed as promptly as possible to repair, restore and replace the remaining part of the Project, as nearly as possible, to its former condition, and shall be entitled to draw upon the Casualty Escrow for payment of said costs.
(e) Nothing in this section will require the Developer to expend funds in excess of the Casualty Escrow for the repair, restoration and/or replacement of the Damaged Facilities.
Damage, Destruction or Condemnation. If the Dock or any portion thereof is at any time destroyed or damaged by a casualty, or if any portion of the Dock or adjacent parcels are taken pursuant to the exercise or threatened exercise of the power of eminent domain (including a conveyance in lieu thereof), Port may elect to terminate this Agreement.
Damage, Destruction or Condemnation. Net Proceeds resulting from casualty to or condemnation of the Project shall be applied as provided in the Continuing Covenant Agreement and, to the extent consistent therewith, Section 3.01(b)(i) hereof.
Damage, Destruction or Condemnation. With the exception of acts resulting from misconduct or negligence by Lessor, its agents and representatives, and except as otherwise provided in the Construction Services Agreement, the District assumes all risk of loss of, damage to or condemnation of the Project or the Site from any cause or for any reason whatsoever, and no such loss of, damage to or condemnation of the Project or the Site shall relieve the District of (i) the obligation to make the Sublease Payments hereunder subject to the provisions in Sections 7 and 9 hereof, or (ii) to perform any other obligation under this Sublease. Except as otherwise provided in the Construction Services Agreement, the District waives the benefit of Civil Code sections 1932(2) and 1933(4) and any and all other rights to terminate this Sublease by virtue of any damage or destruction to the Project or the Site.
Damage, Destruction or Condemnation. If prior to the Close of Escrow, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release or other casualty which, according to Buyer’s good faith estimate (the “Estimate”), would cost more than Fifty Thousand Dollars ($50,000.00) to repair or remediate, or any condemnation proceedings are commenced or threatened by an entity other than Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or more, then Buyer shall have the right, exercisable by delivering written notice to Seller and Escrow Holder within ten (10) days after the determination of the amount of such cost or award, to either
(i) terminate this Agreement, in which case neither Party shall have any further rights or obligations hereunder, and the Deposit and all interest accrued thereon shall be paid by Escrow Holder as set forth in Section 4.4, hereof and all documents deposited in Escrow shall be returned to the Party depositing the same, or (ii) accept the Property in its then condition and proceed with the Close of Escrow in accordance with this Agreement, in which case Seller shall assign to Buyer the right to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable as a result of such event. Buyer’s failure to deliver such notice within the time period specified shall be deemed to constitute Buyer’s election to terminate this Agreement. In the event the Estimate of the cost of repair, remediation or condemnation award is less than Fifty Thousand Dollars ($50,000.00), then Buyer shall not have the option to terminate this Agreement, and the Parties shall proceed to the Close of Escrow on the terms described in clause (ii) above.
Damage, Destruction or Condemnation. In the event of damage or destruction of the Subleased Premises or the taking of all or any part thereof under the power of eminent domain, this Sublease shall terminate if, but only if, the Prime Lease is terminated as a result thereof, and the rent payable hereunder shall xxxxx only as long as and in the same proportion as the rent due from Sublessor to Landlord under the Prime Lease abates as a result thereof.
Damage, Destruction or Condemnation. If, before legal title or possession of the Property has been transferred to Buyer, any portion of the Property, which portion will cost more than $500,000 to restore is damaged or destroyed without fault of Buyer, then Buyer shall have the option to either (i) terminate this Agreement, in which event the rights and obligations of the parties hereunder shall terminate except as otherwise expressly set forth in this Agreement, and Buyer shall be entitled to a return of the Xxxxxxx Money Deposit less the Independent Consideration, or (ii) proceed with the purchase of the Property without any adjustment to the Purchase Price, in which latter case Seller shall assign to Buyer any amounts due from or pay to Buyer any amounts received from Seller's casualty insurance company as a result of the damage or destruction, excepting therefrom any amounts payable for lost rental or other income and shall credit the Purchase Price by the amount of Seller’s deductible with respect to such casualty insurance. In the event such damage will cost equal to or less than $500,000 to restore, then the transaction shall proceed in accordance with (ii) above. If, before legal title or possession of the Property has been transferred to Buyer, any portion of the Property with a value in excess of $500,000 is taken by eminent domain by any governmental entity, then Buyer shall have the option to either (a) terminate this Agreement, in which event the rights and obligations of the parties hereunder shall terminate except as otherwise expressly set forth in this Agreement, and Buyer shall be entitled to a return of the Xxxxxxx Money Deposit less the Independent Consideration, or (b) proceed with the purchase of the Property without any adjustment to the Purchase Price, in which latter case Seller shall assign to Buyer any amounts due from or pay to Buyer any amounts received from any governmental entity as a result of the taking. In the event the portion of the Property which is taken has a value of equal to or less than $500,000, then the transaction shall proceed in accordance with (b) above.
Damage, Destruction or Condemnation. Subject to the provisions of the Project Agreements, UAMPS shall use Commercially Reasonable Efforts to collect or cause to be collected amounts arising from insurance proceeds, condemnation awards, damages due from contractors, subcontractors or others and proceeds from the sale or other disposition of surplus property, all related to the Project, and shall apply all receipts, revenues and other moneys received by it or credited to it from the foregoing sources to the repair, reconstruction or replacement of the Project, to the retirement or defeasance of Bonds (in whole or in part), by purchase, redemption or other arrangements therefor, to the payment of other costs and expenses of UAMPS in connection with the Project or to the credit, pro rata, of the Participants, based upon their Entitlement Shares in the Project, all as provided in the Financing Documents.
Damage, Destruction or Condemnation. Duty to Repair or Restore
Section 7.01. If any improvements, including the buildings and other structures, located on the Premises are damaged or destroyed during the term of this Lease or any extension thereof, the damage shall be repaired as follows:
(a) If the damage or destruction is caused by a peril against which fire and extended coverage insurance is required to be carried under this Lease, Lessee shall repair that damage as soon as reasonably possible and restore the Premises and improvements to substantially the same condition as existed before the damage or destruction, regardless of whether the insurance proceeds are sufficient to cover the actual cost of repair or restoration. If insurance required to be carried by Lessee under this Lease has lapsed or not been carried, Lessee shall be solely responsible for the full cost and expense of necessary repairs and restoration.
(b) If the damage or destruction is caused by a peril against which insurance is not required to be carried by this Lease, Lessor, subject to Lessor’s right to terminate this Lease described in Section 7.02, shall repair that damage as soon as reasonably possible and restore the Premises to substantially the same condition as existed before the damage or destruction.
(c) Whether the damage of destruction is caused either by a peril against which fire and extended coverage insurance is required by this Lease to be carried or by a peril against which insurance is not required to be carried by this Lease, Lessee expressly waives any right under Civil Code Sections 1931-1933 to terminate this Lease for damage or destruction to the Premises.
Damage, Destruction or Condemnation. Damage and Destruction. Seller shall have the risk of loss or damage to the Property and liability arising out of the Business or the Acquisition Assets from any cause whatsoever prior to the Closing Date. In the event of any loss or damage to the Property, the following procedure shall be used, Buyer may: (a) elect to extend the Closing Date for a period up to one hundred eighty (180) days and require Seller to repair or replace such damaged or destroyed Property, and, in which event Seller shall be entitled to retain the Insurance proceeds and shall promptly proceed, at Seller's expense, to repair or replace such damaged or destroyed Property; the Purchase Price shall not be affected or adjusted in any way provided such damage or destruction is fully repaired or replaced; (b) elect to proceed with the transaction contemplated herein, and have the Insurance proceeds concerning the loss assigned at Closing to Buyer, and if all or part of the loss is not covered by Insurance, reduce the Purchase Price payable at the Closing by an amount equal to the uninsured loss in which event Seller shall not be obligated to repair or replace such damaged or destroyed Property; or (c) if the aggregate loss or damage to the Property (from one or more events) at or prior to the Closing exceeds ten (10%) percent of the Purchase Price, or would take longer than thirty (30) days to repair or replace, elect to terminate this Agreement, in which event neither Seller nor Buyer shall have any further rights or obligations to the other hereunder.
