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. 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.
16.2. If all or any portion of the Hotel becomes the subject of a condemnation proceeding or if Operator learns that any such proceeding may be commenced, Operator shall promptly notify Owner upon Operator’s receipt of written notice thereof. Either party may terminate this Agreement on thirty (30) days’ notice to the other party if (a) all or substantially all of the Hotel is taken through condemnation or (b) less than all or substantially all of the Hotel is taken, but, in the reasonable judgment of the party giving the termination notice, the Hotel cannot, after giving effect to any restoration as might be reasonably accomplished through available funds from the condemnation award, be profitably operated in accordance with the Standard.
16.3. Any condemnation award or similar compensation shall be the property of Owner, provided that Operator shall have the right to bring a separate proceeding against the condemning authority for any damages and expenses specifically incurred by Operator as a result of such condemnation.
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. 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. (a) All risk of loss to the Property shall be borne by the Partnership until the Closing subject to the provisions of this Section 4.6. The Partnership shall promptly deliver to Essex written notice of any casualty or taking involving the Property. If, prior to the Closing, all or any part of the Property is damaged or destroyed by casualty such that the cost to repair and/or restore such damage and/or destruction (which cost, for purposes of this Section 4.6(a), shall be deemed to include reasonably anticipated post-Closing rental loss through completion of such repair and/or restoration) would exceed Three Hundred Thousand Dollars ($300,000) (a “Major Casualty”), then Essex shall have the right to terminate its obligation to consummate the transactions contemplated by this Agreement by delivery of written notice thereof to the Partnership within ten (10) Business Days after Essex’s first learning of the occurrence of such casualty and the cost of such repair and/or restoration. If all or any part of the Property is damaged and/or destroyed by fire or other casualty prior to the Closing but (i) the event is not a Major Casualty or (ii) the event is a Major Casualty but this Agreement is not terminated pursuant to this Section 4.6(a) as a result thereof, then the Closing Date shall occur as scheduled notwithstanding such damage or destruction, and the Partnership’s interest in all proceeds of insurance payable by reason of such casualty shall be assigned to Essex as of the Closing Date or credited to Essex if previously received by the Partnership, and the Partnership shall be responsible for any cost of repair not covered by such insurance (whether by reason of insurance deductible, uninsured casualty or otherwise). The Partnership’s obligations under this Section 4.6(a) shall survive the Closing.
(b) If, prior to Closing, an Authority commences any eminent domain or condemnation proceeding to take any portion of the Property or the Partnership enters into an agreement in lieu thereof or becomes aware that any such agreement may be offered, and the award to be paid in connection therewith is to exceed Three Hundred Thousand Dollars ($300,000), or any units or parking spaces are taken or to be taken in connection therewith, or any access to the Property has been or will be materially impaired (each, a “Major Condemnation”), Essex shall have the option to terminate its obligation to consummate the transactions contemplated by this Agreement by delivery of w...
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.
Damage or Destruction Condemnation. 10.1 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.
10.2 In the event of partial damage or destruction of the Property of a type which can, under the circumstances, reasonably be expected (based on the estimate of a licensed architect or engineer selected by Seller) to be restored or repaired at a cost of $500,000.00 or less, then Buyer shall (unless such damage has been repaired by Seller in a good and workmanlike manner prior to Closing), accept title to the Property in its destroyed or damaged condition. Buyer shall pay the full Purchase Price at Closing without reduction, and Seller shall pay over or assign to Buyer all rights to any proceeds of insurance payable with respect to such destruction or damage (less amounts reasonably expended by Seller in repairing the damage or collecting proceeds prior to the Closing Date) and Buyer shall have a credit against the Purchase Price in the amount of any deductible.
10.3 In the event that the Property shall have been damaged or destroyed, the cost of repair or restoration of which would reasonably be expected (based on the estimate of a licensed architect or engineer selected by Seller) to exceed the sum of $500,000.00 or is less than $500,000.00, but not fully covered by insurance subject to commercially reasonable insurance deductibles, then at Buyer’s election, Seller shall, unless Seller has previously repaired or restored the Property to its former condition, either (a) terminate this Contract by delivering written notice to Seller, in which case the Escrow Agent shall return the Deposit to Buyer and all other obligations of the parties hereto shall cease except those set forth in Sections 9.4, ARTICLE 15, and Section 20.15 hereof, and this Contract shall be void and without recourse to the parties hereto or (b) pay over or assign to Buyer all rights to any proceeds of insurance payable with respect to such destruction or damage (less amounts reasonably expended by Seller in repairing the damage or collecting proceeds prior to the Closing Date) and Buyer shall have a credit against the Purchase Price in the amount of any deductible.
10.4 If prior the Closing Date, all or a material portion of the Property is taken by condemnation, eminent domain or by agreement in lieu thereof, or any proceeding to acquire, take or con...
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. 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. All risk of loss or damage to the Property shall remain with the Seller through and including the date of Closing, and all risk of loss or damage to the Property shall be with the Purchaser after Closing. If any of the Property shall suffer a loss by fire, flood, tornado, accident or other cause after the Effective Date and on or before the date of the Closing, or if 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 date of the Closing, then Purchaser may, at its option, either consummate or not consummate the transaction contemplated hereby. If Purchaser elects to consummate such transaction, then all insurance proceeds payable in respect of such casualty and/or any and all damages or awards payable in respect of such taking or condemnation shall be paid to Purchaser. If Purchaser elects not to consummate such transaction, this Contract shall terminate and be of no further force and effect, and the Xxxxxxx Money shall be promptly returned to Purchaser.
