Damage or Destruction Condemnation. 16.1. If the Hotel is damaged by fire or other casualty, Operator shall promptly notify Owner. This Agreement shall remain in full force and effect subsequent to such casualty provided that either party may terminate this Agreement upon thirty days’ prior written notice to the other party if (a) Owner shall elect to close the Hotel as a result of such casualty (except on a temporary basis for repairs or restoration) or (b) Owner shall determine in good faith not to proceed with the restoration of the Hotel; provided further, Operator may terminate this Agreement upon thirty days’ prior written notice to Owner if forty percent (40%) or more of the rooms in the Hotel are unavailable for rental for a period of one hundred eighty (180) days or more as a result of such casualty.
Damage or Destruction Condemnation. The parties agree and acknowledge that the risk of loss in connection with (i) any damage or destruction, in whole or part, that may occur to the Property, or (ii) any proceedings to take or condemn the whole or part of the Property for public or quasi-public use under any statute, or by the right of eminent domain, whether commenced or threatened, prior to the Closing, shall be determined in accordance with the provisions of the Lease. To the extent that the Lease is terminated and Seller, in its capacity as landlord, is in receipt of the insurance or condemnation proceeds as provided in the Lease, then, in such case, the Purchase Price for that Parcel shall be reduced by the proceeds received by such Seller. If, following the occurrence of any event described in (i) or (ii) above of this Section 13 in which the Lease is terminated and no such insurance or condemnation proceeds have been received by Seller in connection therewith, then, in such case, the Purchase Price shall remain as set forth in Section 1 of this Agreement and Landlord shall assign to Purchaser all rights it may have to receive the proceeds of condemnation or insurance proceeds payable with respect to any such casualty or condemnation.
Damage or Destruction Condemnation. (1) (a) In the event the Assigned Space or the improvements thereon are damaged by any casualty which is required to be insured against by Permittee pursuant to this Permit, then Permittee shall, in accordance with all applicable requirements of this Permit (including without limitation Section 1(2) above), repair such damage (and replace any Trade Equipment damaged by such casualty) as soon as reasonable possible, at its own cost, and this Permit shall continue in full force and effect, with no abatement in the Rent payable by Permittee to Port under Paragraph E of this Permit.
Damage or Destruction Condemnation. (a) The risk of loss, damage or destruction to the Property by fire or other casualty or the taking of all or part of the Property by condemnation or eminent domain or by an agreement in lieu thereof until the Closing is assumed by Seller, except to the extent otherwise provided in paragraph 6(d) of this Contract.
Damage or Destruction Condemnation. In the event that, prior to Closing, the Real Property is destroyed or materially damaged by casualty, or if material condemnation proceedings are commenced against the Real Property, Purchaser shall have the right to terminate this Agreement by giving written notice of termination to Seller within fifteen (15) days after receiving written notice of such damage, destruction or condemnation proceedings, in which case the Deposit shall immediately be returned to Purchaser and neither party shall have any further rights or obligations under this Agreement except for those which expressly survive termination of this Agreement. For purposes of the foregoing, “material damage by casualty” means loss or damage to the Real Property or any portion thereof by casualty such that the cost of repairing or restoring the Real Property in question to a condition substantially identical to that of the Real Property in question prior to the event of casualty would be, in the certified opinion of The Xxxxxxx Group and a qualified contractor or architect selected by Purchaser, equal to or greater than Nine Hundred Fifteen Thousand Dollars and NO/100 ($915,000.00). For purposes of the foregoing, a “material condemnation” means any condemnation of any portion of the Real Property having a value equal to or greater than One Hundred Thousand Dollars and NO/100 ($100,000.00). Except to the extent Purchaser is permitted to terminate this Agreement pursuant to the preceding sentences, Purchaser shall, in the event of any casualty or condemnation with respect to the Property, accept the Property in its then condition and proceed with the Closing on the purchase of the Property under this Agreement, with no reduction, offset or abatement of or to the Purchase Price, except that the Purchase Price shall be reduced by the amount of any deductible applicable to Seller’s insurance coverage. If Purchaser elects or is obligated to accept the Property and proceed to Closing, all proceeds of insurance or condemnation awards payable to Seller or received by Seller by reason of such damage, destruction or condemnation shall be paid or assigned to Purchaser at Closing.
Damage or Destruction Condemnation. Notwithstanding anything in this Sublease to the contrary, in the event of a fire or other casualty affecting the Project or the Premises, or of a taking of all or a part of the Project or Premises under the power of eminent domain, Sublandlord shall not be required to obtain the consent of Subtenant in order to exercise any right which may have the effect of terminating the Master Lease. In the event Sublandlord is entitled, under the Master Lease, to a rent abatement as a result of a fire or other casualty or as a result of a taking under the power of eminent domain, then Subtenant shall be entitled to Subtenant's Abatement Share (defined below) of such rent abatement unless the effect on the Premises of such fire or other casualty or such taking shall be substantially disproportionate to the amount of the abatement, in which event the parties shall equitably adjust the abatement as between themselves, based on the relative impact of the fire or other casualty, or the taking, as the case may be. "Subtenant's Abatement Share" is defined, for purposes of this Sublease, as the percentage determined by dividing the portion of the square footage in the Rentable Area of the Premises with respect to which possession has been tendered to Subtenant by the total Rentable Area of the Buildings under the Master Lease (as defined in the Commencement Date letters thereof). If the Master Lease imposes on Sublandlord the obligation to repair or restore leasehold improvements or alterations, Subtenant shall be responsible for repair or restoration of leasehold improvements or alterations made by Subtenant. Subtenant shall make any insurance proceeds resulting from the loss which Sublandlord is obligated to repair or restore available to Sublandlord and shall permit Sublandlord to enter the Premises to perform the same, subject to such conditions as Subtenant may reasonably impose.
Damage or Destruction Condemnation. Until close of escrow, the risk of loss shall be retained by the Seller. The Seller shall keep the Property fully insured until close of escrow. In the event all or any material portion of the Property is damaged, destroyed, or condemned or threatened with condemnation before the close of escrow, the Buyer may terminate this Agreement. In such event, escrow will be terminated, the xxxxxxx money deposit and accrued interest thereon will be promptly returned to the Buyer, and this Agreement shall have no further force or effect whatsoever. If a nonmaterial portion of the Property is destroyed or condemned, this Agreement shall remain in full force and effect, including, without limitation, the Buyer’s obligation to close this transaction as provided for here and to pay the full purchase price to the Seller. In such event, the Buyer shall be assigned all insurance proceeds or condemnation proceeds payable to or for the account of the Seller.
Damage or Destruction Condemnation. In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings or any of the improvements on the Property are damaged or destroyed by any casualty, Seller shall have no obligation to repair or replace any such damage or destruction. Seller shall, upon consummation of the transaction herein provided, assign to Buyer all claims of Seller respecting any condemnation or casualty insurance coverage, as applicable, and all condemnation proceeds or proceeds from any such casualty insurance received by Seller on account of any casualty (the damage from which shall not have been repaired by Seller prior to the Closing Date) as applicable, and Seller shall give Buyer a credit equal to the deductible portion of Seller's insurance policy attributable to the Property. In the event (i) the condemnation award shall equal or exceed One Hundred Thousand Dollars ($100,000) or otherwise materially and adversely affect the Property, as reasonably determined by Buyer, or (ii) the cost of repair of damage to the Property on account of a casualty, shall equal or exceed One Hundred Thousand Dollars ($100,000) or otherwise materially and adversely interfere with the operations of the Property, as reasonably determined by Buyer, Buyer may, at its option, terminate this Agreement by notice to Seller, given on or before the Closing Date, in which event this Agreement shall terminate, the Deposit, together with all interest earned thereon, shall be returned to Buyer, and each party shall be relieved of all further obligations hereunder.
Damage or Destruction Condemnation. If the Property shall suffer a loss by fire, flood, tornado, accident or other cause on or before the Closing, or proceedings to take or condemn the whole or any part of the Property for public or quasi-public use under any statute, or by the right of eminent domain are commenced or threatened prior to the Closing, then Purchaser may with respect to the Property, at its option, either consummate or not consummate the transaction contemplated hereby with respect to the Property. If Purchaser elects not to consummate such transaction, this Agreement shall terminate and be of no further force and effect with respect to the Property. If Purchaser elects to consummate this transaction for the Property, the transaction shall proceed to Closing with no reduction in the amount of the Purchase Price payable at Closing, except Seller shall assign to Purchaser, Seller’s right, title and interest in and to insurance proceeds payable in respect of a casualty and/or damages or awards payable in respect of a taking or condemnation of the Property to the extent of Purchaser’s interest therein.
Damage or Destruction Condemnation. 16.1. If a Hotel is damaged by fire or other casualty, Operator shall promptly notify Owner. This Agreement shall remain in full force and effect subsequent to such casualty; provided that:
