Casualty; Condemnation. There is no unrepaired casualty damage to any of such Seller’s Properties and there is no pending condemnation or similar proceedings or written notices thereof affecting any Property, and, to Sellers’ Knowledge, no action is threatened or contemplated except as set forth on Schedule 3.2(e) attached hereto.
Casualty; Condemnation. If all or any part of the Property is materially damaged by fire, casualty, the elements or any other cause, Seller shall immediately give notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Xxxxxxx Money by giving notice within thirty (30) days after Seller’s notice. If eminent domain proceedings are threatened or commenced against all or any part of the Property, Seller shall immediately give notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Xxxxxxx Money by giving notice within thirty (30) days after Seller’s notice. Termination of this Agreement and return of all Xxxxxxx Money are Seller’s sole remedies
Casualty; Condemnation. In the event that, prior to Closing, the Real Property, or any part thereof, (a) is destroyed or materially damaged, and such damage is sufficient to (i) give rise to the Major Tenant the right to terminate its Lease, or (ii) the cost of remedying such casualty exceeds One Million and 00/100 Dollars ($1,000,000.00), as determined by Seller in its reasonable discretion, or (b) condemnation proceedings are commenced against the Real Property, which materially and adversely affect the use and operation thereof, Buyer shall have the right, exercisable by giving notice of such decision to Seller within ten (10) business days after receiving written notice of such damage, destruction or condemnation proceedings, to terminate this Agreement in its entirety, in which case neither party shall have any further rights or obligations hereunder other than obligations that expressly survive termination of this Agreement. In the event of such termination, the Deposit shall be returned to Buyer, as Buyer’s sole and exclusive remedy. In the event Buyer has no right of termination pursuant to the immediately preceding sentence, Buyer shall accept the Real Property in its then condition and proceed with the Closing with no reduction, offset or abatement of the Purchase Price, and accept, as its sole recourse against Seller payment or assignment of (i) all applicable proceeds of insurance, if any, from policies of insurance maintained and paid for by Seller covering the Real Property up to the amount paid by the insurer and necessary to make the repairs or restorations, or (ii) any applicable condemnation awards subject to the rights or tenants to such proceeds or awards under the Leases, if any. Seller shall credit the Purchase Price to the extent any deductible exists that is the Seller’s responsibility under any policies of insurance, which credit shall not exceed the amount of such damages. The Closing shall automatically be extended as may be necessary for the timeframes set forth herein to run; provided however, the Closing may occur prior to the final settlement with and payment by the insurer, in the event of casualty damage or final settlement and payment of condemnation proceeds, if applicable.
Casualty; Condemnation. Section 6.01 FILOT Payments in the Event of Damage and Destruction or Condemnation. In the event that the Project is damaged or destroyed or the subject of condemnation proceedings, which damage, destruction and/or condemnation would substantially impair the operating ability of the Project, the parties hereto agree that the payments in lieu of taxes required pursuant to Section 5.02 hereof shall be abated in the same manner and in the same proportion as with ad valorem taxes, subject in all events to the provisions of Section 5.02 hereof. [End of Article VI] ARTICLE VII
Casualty; Condemnation. If, prior to the Closing Date, all or any part of the Property is substantially damaged by fire, casualty, the elements or any other cause, Seller shall immediately give notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Xxxxxxx Money, including interest accrued thereon, by giving written notice within thirty (30) days after Seller’s notice. If Buyer shall fail to give the notice, then the parties shall proceed to Closing, and Seller shall assign to Buyer all rights to insurance proceeds resulting from such event and the Purchase Price will be reduced by the amount of Seller’s deductible and any uninsured loss. For purposes of this Section, the words “substantially damaged” mean damage to any one of the buildings included in the Property that would either (i) constitute an uninsured loss in excess of $250,000.00, or (ii) cost (as so determined) in excess of $500,000.00 or more to repair. In the event of damage to the Property by fire, casualty, the elements or other cause that does not rise to the level of “substantially damaged” based on the definition above, Seller will either repair such damage or assign to Buyer all rights to insurance proceeds resulting from such event. In the event of any casualty, Seller agrees to consult with Buyer and cooperate with reasonable requests of Buyer to complete repairs in a way that is consistent with any renovation plans that may be contemplated by Buyer. If, prior to the Closing Date, any governmental entity commences any eminent domain proceedings (“Proceedings”) against all or any part of the Property, Seller shall immediately give notice to Buyer of such fact, and, if such Proceedings are material, then Buyer shall have the option (to be exercised by written notice to Seller within thirty (30) DMNORTH #7708141 v4 days after Seller’s notice), to terminate this Agreement, in which event Title Company shall return the Xxxxxxx Money, including interest accrued thereon, to Buyer. Upon such return, neither Seller nor Buyer shall have any further rights or obligations under this Agreement, except for those covenants that expressly survive. If Buyer does not give such notice, or if such Proceedings are not material, then there shall be no reduction in the Purchase Price, and Seller shall assign to Buyer at the Closing Date all of Seller’s right, title, and interest in and to any award made or to be made in the Proceedings. Prior to the Closing Date, Seller shall not designate ...
Casualty; Condemnation. To each Loan Party’s Knowledge, as of the Closing Date no Borrowing Base Property is the subject of any pending material condemnation proceeding or has suffered any material loss or casualty which has not been restored.
Casualty; Condemnation. (a) In the event of any Casualty or Condemnation requiring notice to the Mortgage Lender, the Company shall give prompt notice thereof to each of the Managing Member and the Class A Member. Subject to the terms of any of Senior Loan Documents, the Managing Member may settle and adjust any claims and the reasonable expenses incurred by them in the adjustment and collection of such proceeds shall be reimbursed by the Company upon request therefor.
Casualty; Condemnation. (a) No material Condemnation has been commenced or, to the REIT’s or the Borrower’s knowledge, is contemplated with respect to all or any part of any Borrowing Base Property or for the relocation of roadways providing material access to any Borrowing Base Property, other than any Condemnation for which the Administrative Agent shall have received notice in accordance with Section 6.7 and the Borrowing Base Properties are not the subject of any adverse zoning proceeding, except as could not reasonably be expected to cause a Material Adverse Effect.
Casualty; Condemnation. If the Developer Parcel, any part thereof or any adjoining parcel, suffers any damage prior to the Closing from fire or other casualty , and Developer determine, in Developer's sole discretion, that the Developer Parcel is unsuitable for the construction or operation of a Hotel , Developer may either (a) terminate this Agreement and recover the Xxxxxxx Money , including any Extension Payments, and all interest earned thereon, or (b) consummate the Closing, in which latter event all proceeds of any insurance covering damage to the Developer Parcel shall be assigned to Developer at the Closing. Developer shall give City notice of Developer’s election within twenty (20) days after City gives written notice to Developer of such fire or casual ty. If, prior to the Closing, action is initiated or threatened to take any of the Developer Parcel by eminent domain proceedings or by deed in lieu thereof, Developer may either (a) terminate this Agreement and recover the Xxxxxxx Money, including any Extension Payments. and all interest earned thereon , or (b) consummate the Closing, in which latter event the award of the condemning authority shall be assigned to Developer at the Closing. Developer shall give City notice of Developer's election within twenty (20) days after City gives written notice to Developer of such proceedings.
Casualty; Condemnation. (a) If any condemnation or conveyance in lieu thereof of all or any portion of the Real Property occurs or is threatened prior to Closing (written notice of which shall be given to Purchaser by Seller promptly upon its receipt), Purchaser may at its option, either (i) terminate this Agreement by written notice to Seller given within twenty (20) days after Purchaser is notified of such actual or possible proceedings (but before the Closing), in which case all of the Escrow Funds shall be returned to Purchaser and all further rights and obligations of the parties under this Agreement shall terminate, except those expressly stated to survive termination, or (ii) proceed to Closing without abatement of the Purchase Price, in which case all proceeds or award (less any expenses incurred by Seller) shall be assigned to Purchaser. If any condemnation or conveyance in lieu thereof is presently pending or occurs after the date hereof, Seller shall not settle or agree to accept any compensation for same without Purchaser’s prior written consent, not to be unreasonably withheld.
