CASUALTY LOSS OR CONDEMNATION. Section 92.054, Property Code governs the rights and obligations of the parties regarding a casualty loss to the Property. Any proceeds, payment for damages, settlements, awards, or other sums paid because of a casualty loss to the Property will be Landlord’s sole property. For the purpose of this lease, any condemnation of all or a part of the Property is a casualty loss.
CASUALTY LOSS OR CONDEMNATION. Section 92.054 of the Texas Property Code governs the rights and obligations of the parties regarding a casualty loss to the Property. Any proceeds, payment for damages, settlements, awards, or other sums paid because of a casualty loss to the Property will be Landlord’s sole property. For the purpose of this lease, any condemnation of all or a part of the property is a casualty loss.
CASUALTY LOSS OR CONDEMNATION. The Timberlands shall not have become subject, subsequent to the date of this Agreement and prior to the Closing Date, to physical damage by fire, flood, windstorm, earthquake or other similar occurrence, or to any condemnation proceeding, which causes or may result in a diminution in the value of the Timberlands by at least $800,000. If Purchaser elects to waive the condition set forth in this Paragraph 14.1(e), or if any material casualty or condemnation loss diminishes the value of the Timberlands by less than $800,000, the Purchase Price shall be reduced to reflect the diminution in value resulting or expected to result from the casualty or condemnation, in which event Seller shall be entitled to retain any compensation awards, insurance proceeds or other payment or relief resulting from such casualty or condemnation. If the parties cannot agree upon the extent of the diminution in value, the determination shall be made by an independent expert mutually agreed upon by the parties. The foregoing notwithstanding, if the amount of the casualty or condemnation loss diminishes or is expected to diminish the value of the Timberlands, by $25,000 or less, there shall be no adjustment to the Purchase Price; provided, however, that in such event Purchaser shall be entitled to receipt and assignment of any compensation awards, insurance proceeds or other payment or relief resulting from such casualty or condemnation. 13
CASUALTY LOSS OR CONDEMNATION. (a) If, before Closing, any party of the TXU Gas Merger Assets are damaged or destroyed by fire or other casualty, or if any part of the TXU Gas Merger Assets are condemned, or if proceedings are filed for condemnation or under the right of eminent domain, the result of which will have a Material Adverse Effect (any of such being a "Casualty"), TXU Gas will promptly inform LSG. As soon as practicable following any Casualty, TXU Gas will provide to LSG a detailed written estimate from an independent third party appraiser mutually acceptable to TXU Gas and LSG ("Casualty Estimate") setting forth the estimated amount required to repair or replace the damaged TXU Gas Merger Asset and the estimated time period for completion of such repair or replacement.
CASUALTY LOSS OR CONDEMNATION. Except as otherwise provided in this Agreement, from and after the Effective Time through the Closing Date, MAP shall bear the risk of loss due to damage or destruction of the Assets by fire or other casualty, except that the risk of the first $100,000 per occurrence of any such loss shall be borne by Plains. Except as set forth on Exhibit 3.8, neither MAP nor any member of the SP Group has received any notice, and neither has any knowledge of, any proceedings for the taking, by eminent domain or condemnation, of all or any portion of any of the Assets.
CASUALTY LOSS OR CONDEMNATION. No portion of the Assets shall have been damaged or destroyed by a Casualty or taken in condemnation or under right of eminent domain where, in the event of a Casualty, the cost to repair, replace or restore the affected Assts (such cost not to exceed the Allocated Value of such affected Assets) to at least their condition prior to such Casualty exceeds 40% of the Purchase Price or, in the case of such taking, the Allocated Value of the affected Assets exceeds 40% of the Purchase Price.
CASUALTY LOSS OR CONDEMNATION. The Mill Assets shall not have become subject, subsequent to the date of this Agreement, to physical damage by fire, flood, windstorm, earthquake or other similar occurrence, or to any condemnation proceeding, which causes at least twenty-five percent (25%) of the Mill to be inoperable. If Purchaser elects to waive the condition set forth in this Paragraph 12.6, or if any casualty or condemnation loss is more than $100,000, the amounts payable by Purchaser to Seller pursuant to Paragraph 2 shall be reduced to reflect the diminution in value resulting or expected to result from the casualty or condemnation, in which event Seller shall be entitled to retain any compensation, awards, insurance proceeds or other payment or relief resulting from such casualty or condemnation. If the parties cannot agree upon the extent of the diminution in value, the determination shall be made by an independent expert mutually agreed upon by the parties. If Purchaser elects to terminate this Agreement as a result of casualty, loss or condemnation pursuant to this Paragraph 12.6, the Timberland Agreement shall automatically terminate. If Purchaser elects to terminate the Timberland Agreement pursuant to Paragraph 17.1 of the Timberland Agreement, this -20- 21 Agreement shall automatically terminate.
CASUALTY LOSS OR CONDEMNATION. In the event of casualty loss or condemnation threat/proceeding of a material portion of the Property prior to Closing, this Agreement may be terminated at Buyer's reasonable discretion.
CASUALTY LOSS OR CONDEMNATION. If the dwelling becomes unfit for occupancy, as determined by the landlord, whether by casualty or otherwise, Landlord may refuse to repair the same and, by giving written notice to Tenant, terminate this lease. Any proceeds, payment for damages, settlements, awards, or other sums paid because of a casualty loss to the Property will be Landlord's sole property. For the purpose of this Lease, any condemnation of all or a part of the Property is a casualty loss.
CASUALTY LOSS OR CONDEMNATION. Section 92.354 Property Code governs the rights and obligations regarding a casualty loss to the property. Any and all payments, settlement or other sums paid because of a casualty loss to the property will be the landlord's sole property.
