Casualty Losses. In the event that more than twenty-five (25%) of the square footage of the demised premises is damaged, destroyed, or rendered untenantable by fire or other casualty, Landlord may elect to terminate this lease by giving notice of such election to Tenant on or before the day which is ninety (90) days after such fire or other casualty, stating the date of termination, which termination shall be not more than thirty (30) days nor less than twenty-one (21) days after the date on which such notice of termination shall have been given; and (1) upon the date specified in such notice this lease and the term hereof shall cease and expire; and (2) any fixed annual rent and additional rent paid for a period after such date of termination shall be refunded to Tenant upon demand. If the leased premises are damaged or destroyed in whole or in part by fire or other casualty and the Tenant(s) do not want to terminate the lease, then the obligations of Tenant to pay fixed rent and to perform all of the other covenants and agreements on the part of Tenant to be performed pursuant to this shall not be diminished or affected.
Casualty Losses. In the event that there shall have been suffered between the date hereof and the Closing any casualty loss relating to the Acquired Assets that becomes known to Company, Company will promptly notify Newco of such event. Company shall, at its option, (i) repair, rebuild or replace the portion of the Acquired Assets damaged, destroyed or lost prior to the Closing Date, or (ii) assign to Newco at Closing all claims to insurance proceeds or other rights of Company against third parties arising from such casualty loss (the "Claims"); PROVIDED, HOWEVER that if such insurance proceeds are or will not be sufficient in Newco's reasonable judgment to cover the entire casualty loss, then the Company shall pay the difference at Closing. To the extent any Claim is not assignable, such claim may be pursued by Newco, for its own account and benefit, in the name of Company.
Casualty Losses. On or prior to the time of Closing, the Center shall not have sustained any loss, whether or not insured, by reason of physical damage to the Center caused by fire, flood, accident, explosions or other calamity which would adversely affect the carrying on of its business in the normal and regular course.
Casualty Losses. In the event of damage by fire, explosion, wild well, hurricane, storm, weather event or other casualty to the Properties, or if any portion of the Properties are taken by condemnation or under the right of eminent domain, after the date of this Agreement but prior to the Closing, then: (a) this Agreement shall remain in full force and effect; (b) there shall be no adjustment to the Base Purchase Price; and (c) if such damage or condemnation loss has an adverse effect on the value of the affected Properties in an amount that exceeds Five Hundred Thousand Dollars ($500,000), Seller shall, at Seller’s sole election, either (i) assign (or cause the Company to assign, if applicable) to Buyer any property damage insurance claims (and payments with respect thereto) related to such damage and pay any deductibles, or (ii) repair or replace such damaged property to a condition similar to the condition of the affected Property immediately prior to the fire or other casualty and retain all insurance claims and payments with respect thereto. Until the Closing Date, Seller shall maintain the existing insurance coverage, and in the event of a casualty loss or condemnation which is not covered by insurance, except as provided in this Section, Seller shall have no obligation to Buyer with respect thereto; provided that, if Buyer so requests, and if Seller has not repaired the damage or replaced the affected Property, Seller will assign any rights it may have against third parties with respect to such damage or condemnation.
Casualty Losses. In the event that there shall have been suffered between the date hereof and the Primary Closing any casualty loss relating to the Assets that becomes known to Seller, Seller will promptly notify Purchaser of such event. Seller shall, to the extent practicable, repair, rebuild or replace the portion of the Assets damaged, destroyed or lost prior to the Primary Closing Date. To the extent the repair, rebuild or replacement of the portion of the Assets damaged, destroyed or lost prior to the Primary Closing Date is not practicable, then the Purchase Price shall be reduced by the amount, mutually acceptable to Purchaser and Seller, which is estimated by the parties to equal the out-of-pocket costs and expenses that Purchaser is reasonably likely to incur to repair, rebuild or replace, in accordance with cellular telephone industry practices, such damaged, destroyed or lost Assets after the Primary Closing Date, and Seller shall retain all insurance proceeds payable as a result of the occurrence of the event resulting in such loss or damage.
Casualty Losses. Prior to Closing Date, if, all or a material part of any of the Properties are damaged or destroyed by fire, flood, storm or other casualty (“Casualty Loss”), or same are taken in condemnation or by eminent domain, or if proceedings for such purposes are pending or threatened (“Government Taking”), the Petro-Hunt Parties must promptly notify Buyer in writing thereof and their estimated cost to repair or replace that portion of the Properties affected by the Casualty Loss or value of the Properties taken by the Government Taking. If all or any portion of the Properties is affected by Casualty Loss or Government Taking, the Purchase Price will be adjusted downward by the agreed dollar amount of the Casualty Loss or Government Taking. If the parties cannot agree on the appropriate amount, and Buyer does not elect the options described below, then the appropriate amount will be determined pursuant to an arbitration procedure similar to the one described in Section 5.07, and the affected Properties will be excluded from the assets and properties to which Petro-Hunt FB/M Successor or Pillar FB/M Successor succeeds as a result of the Mergers for purposes of the Closing, and the Purchase Price reduced by the Allocated Value thereof, and the parties will then close, subject to the other terms and conditions of this Agreement. At Buyer’s sole election, in lieu of adjustments to the Purchase Price, Buyer may elect to receive and the Petro-Hunt Parties shall immediately pay over to Buyer when actually received: (i) all insurance proceeds payable to the Petro-Hunt Parties with respect to any Casualty Loss, (ii) all sums paid to the Petro-Hunt Parties by third parties for any such Casualty Loss, (iii) all compensation paid to the Petro-Hunt Parties with respect to any Government Taking. In addition to the remedies set forth hereinabove, the Petro-Hunt Parties and Buyer will have the termination rights in Section 9.01(c) as to Casualty Losses and Government Takings.